[Borodog]

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Wrong. Because Bob is a subscriber of an insurance company that has hundreds of billions of dollars worth of assets to protect, and hence enormous resources to devote to protecting its customers. Your gang of thugs cannot compete in the force market and end up freezing their asses of above the arctic circle.

Insurance companies have a market incentive to punitively enforce restrictions on behavior, so that they see a lower claim rate. Someone will decide that if Bob goes BASE jumping, he needs to go to insurance company jail. Who stops them from doing that?

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The existence of insurance companies that don't want to go out of business. Strangely enough, people would not voluntarily patronize companies that tried to coerce them into behaving ways they don't want to. Shocking, isn't it?

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Or if a man steals $1,000,000 each from two neighbors who are subscribers to different insurance plans, and he dies with only $730,000, who arbitrates the split? Who ensures that one party doesn't bribe the arbiter (or even the entity that disburses the funds to the claimants) to overpay them?

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The market. Seriously, this is getting ridiculous. How many times do we have to answer the same questions? Hint: Search for the phrase "reputable arbitrator" in posts by myself and come back in a week when you've read them all.

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If the stakes are sufficiently large, a person only has to break a deal once to be set for life.

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A) Like that doesn't happen under the state. At least try to stick to arguments that don't apply to the state, mmk? B) What magically makes him immune from legal action?