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FORUMS Post Processing, Marketing & Presenting Photos The Business of Photography 
Thread started 26 Feb 2013 (Tuesday) 19:33
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Cheap Competitors - How do they do it?

 
elrey2375
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Apr 07, 2013 19:44 |  #226

DocFrankenstein wrote in post #15801379 (external link)
I can't cite what you want, because you're missing my point. You're missing my point because you don't seem to understand a number of concepts required to understand my point.

So I don't see how I can help you with your request.

banquetbear wrote in post #15801419 (external link)
...what point am I missing? What concept don't I understand?

You seem to be missing the point, which is that odds are an integral part of both insurance and the lottery. I believe that's the only point he was trying to make. It's not meaningless to compare the two. Without odds, neither is possible.

I can't really make it any clearer than that


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banquetbear
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Apr 07, 2013 19:49 |  #227

elrey2375 wrote in post #15801522 (external link)
You seem to be missing the point, which is that odds are an integral part of both insurance and the lottery. I believe that's the only point he was trying to make. It's not meaningless to compare the two. Without odds, neither is possible.

...here is his entire post:

You do realize that insurance is similar to playing a lottery.

On average, for every buck you put in, you get much less than a buck back.

And if you keep insuring for unlikely things, you'll never get the money back.

How many professional photographers have been sued?
How much does liability insurance cost per year?

His point was not just about the "odds." His point is clear as day. By focusing on a single sentence I wrote it is you who is missing his point, not me.


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elrey2375
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Apr 07, 2013 19:52 |  #228

banquetbear wrote in post #15801539 (external link)
...here is his entire post:

His point was not just about the "odds." His point is clear as day. By focusing on a single sentence I wrote it is you who is missing his point, not me.

I don't see how his post is about anything but odds, sorry. Insuring against something that may or may not happen involves odds or tables.


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banquetbear
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Apr 07, 2013 20:08 |  #229

elrey2375 wrote in post #15801548 (external link)
I don't see how his post is about anything but odds, sorry. Insuring against something that may or may not happen involves odds or tables.

...and the thing is he has had plenty of opportunity to clarify what he said.

But now he has decided to charge for that honour. You gonna pay him?

He is saying that throwing money at insurance is the same as throwing money at the lottery: both are throwing money away. That was the point of his comparision. That point is backed up by the rhetorical questions he has asked in the thread and the new thread he opened to try and back up his point.

But paying money for insurance isn't throwing money away. The relevance of the odds are as significant as the relevance of the odds that one day I will get married. The comparison is a strawman.

Simple question: if someone came up to you in the early stages of their business plan and asked you for their advice on getting liability insurance...would you say to them "yes, you should plan on having it", or would you say "don't plan for it: and if you can't afford it thats okay, because the odds of something happening are the same as winning the lottery?"


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pyrojim
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Apr 07, 2013 20:32 |  #230

elrey2375 wrote in post #15801351 (external link)
It's not about comparing the odds themselves, it's the fact that there are odds involved in both. Nobody is making tables on your marriage prospects...

Well, they dont exist for any one person, but the overall dataset that any insurance company collects, can CERTAINLY be used to predict(logistic multiple regression) your probability of being married by a particular age given some rather basic assumptions about an individual...age, height, weight, education, location, there is probably a metric measuring overall health separate from BMI. And I certainly would want to know how many of my insured risks are going to marry...so then I can market products to them and make more money.

I should be an actuary....


banquetbear wrote in post #15801607 (external link)
...and the thing is he has had plenty of opportunity to clarify what he said.

But now he has decided to charge for that honour. You gonna pay him?

He is saying that throwing money at insurance is the same as throwing money at the lottery: both are throwing money away. That was the point of his comparision. That point is backed up by the rhetorical questions he has asked in the thread and the new thread he opened to try and back up his point.

But paying money for insurance isn't throwing money away. The relevance of the odds are as significant as the relevance of the odds that one day I will get married. The comparison is a strawman.

Simple question: if someone came up to you in the early stages of their business plan and asked you for their advice on getting liability insurance...would you say to them "yes, you should plan on having it", or would you say "don't plan for it: and if you can't afford it thats okay, because the odds of something happening are the same as winning the lottery?"


the odds are certainly not the same. first you have to buy a lottery ticket, after that, your chance of winning is pretty uniformly distributed.


most photographers are woefully underinsured when starting out.


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mobei
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Apr 07, 2013 20:51 as a reply to  @ pyrojim's post |  #231

The bottom line is:
If you can not afford to pay for the damages you may inflict on another person or their property, either through personal assets or insurance, you should not be in business




  
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elrey2375
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Apr 07, 2013 22:01 |  #232

mobei wrote in post #15801747 (external link)
The bottom line is:
If you can not afford to pay for the damages you may inflict on another person or their property, either through personal assets or insurance, you should not be in business

You act as if being a photographer is akin to juggling flaming swords


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D. ­ Vance
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Apr 08, 2013 10:37 |  #233

elrey2375 wrote in post #15801988 (external link)
You act as if being a photographer is akin to juggling flaming swords

Or Nuclear development. ;)


I wonder if the video editors on The Titanic ever went, "Sorry, I can't right now. I'm busy synching the Titanic..."

  
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