Insurance is one of those expenses that can feel particularly painful when nothing goes wrong, but it's often one of those things that can't be avoided. Not only is some insurance required by law, but it can also provide peace of mind in the event of something catastrophic.
Billionaire Charlie Munger, however, reached a point where he decided some risks just weren't worth insuring against. The longtime Berkshire Hathaway vice chairman had enough money to absorb certain losses himself, so why pay an insurance company to take a risk he could comfortably handle?
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