	Without insurance	With insurance
Period 1	$U (c_{1}^{*} + a_{0} (r_{0} - i_{0}))$	$U (c_{1}^{*} + a_{0} (r_{0} - i_{0}) - B)$
Period 2	$E U (c_{2}^{*} + a_{1} (r_{1} - i_{1}))$	$E U (c_{2}^{*} + a_{1} (r_{1} - i_{1}) + z)$
AS	$U (c_{1}^{} + a_{0} (r_{0} - i_{0})) + δ E U (c_{2}^{} + a_{1} (r_{1} - i_{1}))$	$U (c_{1}^{} + a_{0} (r_{0} - i_{0}) - B) + δ E U (c_{2}^{} + a_{1} (r_{1} - i_{1}) + z)$