The second failure in insurance markets is moral hazard: a person who is insured has less incentive to act carefully than an uninsured person.

ECONOMIST: America goes bust

And insurers have little incentive to invest now in a person who will be insured elsewhere tomorrow.

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Takia Walker, 29, had co-signed the vehicle's lease, acquired the car under false pretense and allowed another person who wasn't insured to drive it, the official said.

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