Wolfe’s Woofer: Insurance

Sunday, September 1st, 2019

“Let’s take a break from discussing insurance and test some of Sherry’s baking,” I said to Mr. Espinosa.
Thursday is Sherry’s baking day. She hires Vernon’s wife Yolanda, to help her and they had an assortment of pies and cheesecakes already laid out on the big table in the dining area. Yolanda brought us each a slice of cherry cheesecake and a cup of coffee.
“Thank you, Yolanda,” I said.
“You’re welcome. Can I ask Mr. Espinosa about insurance?”
“Of course.”
“Me and Vernon got a little house that his mama gave us,” Yolanda told Mr. Espinosa. “I was wondering if we should get insurance for it.”
“You need at least basic insurance” Mr. Espinosa said. “That way, if your house burns down you’ll get enough money to rebuild it.”
“How does it work?”
“My company sells you an insurance policy. Each month you make a small payment on it.”
“How much is a small payment?” she asked.
After they discussed the house and its age and structure Mr. Espinosa said, “It’s a very small house and based on what you tell me it would probably be about a hundred dollars a month for fire insurance. For that size policy we would pay you about forty thousand dollars.”
“So, you’re saying that if I pay you a hundred dollars and my house burns down, you’ll pay me forty thousand dollars. Does anybody check to find out how the fire started?”
“Along with the Fire Department my company makes a very careful investigation.”
“Aha!” Yolanda said. “I knew there was a catch to it!”

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