peer-to-peer (P2P) insurance definition

peer-to-peer (P2P) insurance means the sharing of the risk of loss by persons who have formed a community for the purposes of protecting themselves against an agreed risk of loss by means of compensating the loss out of the pool of contributions of those persons;

Examples of peer-to-peer (P2P) insurance in a sentence

  • Insurance-specific Recommendation 2 covers peer-to-peer (P2P) insurance.

  • Clean Power advanced the Company $400,000 to finance the development of the project.

  • Digital technologies have facilitated the emergence of so-called peer-to-peer (P2P) insurance undertakings such as Lemonade (USA), where associated or like-minded individuals pool their premiums together to insure against a risk, and funds available in the pool when the coverage period ends are typically returned to its members.

  • Nevertheless, the peer-to-peer insurance is a model that has significant chances of success both on mature western markets and in the context of emerging economies.According to Investopedia, the peer-to-peer (P2P) insurance is a risk-sharing network in which a group of individuals pool their premiums together to insure against a risk.

  • The body of literature often points to their development as a part of stabilizing operations of homestead, but also as health, accident, funeral benefit equivalents or short-term unemployment assistance in Asia, Africa, Central America or the Middle East.7Modern technologies (mainly the internet) and social media are fostering the creation of groups of friends, which can be called co-insurance pools (so-called peer-to-peer, P2P insurance).

  • The Lithuanian term for peer-to-peer (P2P) insurance is tarpusavio draudimas by analogy to peer-to-peer lending (tarpusavio skolinimas in Lithuanian).

  • The fundament of this success is its usage as a distributed and reliable platform for customer-controlled data, peer-to-peer (P2P) insurance and smart contracts.Block chain is a digitization technology that could be of strategic interest for insurers.

  • Micro-insurance programs, for example, in developing countries and, more recently, peer-to-peer (P2P) insurance schemes in western countries1 create small risk pools.

  • The peer-to-peer (P2P) insurance platform has been tested in the regulatory sandbox in Lithuania.

  • Some areas of insurance on the blockchain that are already being pursued include index-based or parametric insurance and peer-to-peer (P2P) insurance.

Related to peer-to-peer (P2P) insurance

  • group insurance means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • long-term insurance business means the business of providing or undertaking to provide policy benefits under long-term policies, but does not include -

  • Sponsored captive insurance company means a captive insurance company:

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Period of Insurance means the period commencing from the retroactive date and terminating on the expiry date as shown in the Policy Schedule.

  • Group long-term care insurance means a long-term care insurance policy which is delivered or issued for delivery in this State and issued to:

  • Blanket insurance policy means a group policy covering a defined class of

  • Period of Coverage means the Plan Year, with the following exceptions: (a) for Employees who first become eligible to participate, it shall mean the portion of the Plan Year following the date on which participation commences, as described in Section 3.1; and (b) for Employees who terminate participation, it shall mean the portion of the Plan Year prior to the date on which participation terminates, as described in Section 3.2.

  • Company Insurance Policies has the meaning set forth in Section 4.15.

  • life insurance business means the business of providing or undertaking to provide policy benefits under life policies;

  • Crew Insurances means insurances against crew risks which shall include but not be limited to death, sickness, repatriation, injury, shipwreck unemployment indemnity and loss of personal effects.

  • Insurance score means a number or rating that is derived from an algorithm, computer application, model, or other process that is based in whole or in part on credit information for the purposes of predicting the future insurance loss exposure of a consumer.

  • Surplus lines insurance means insurance in this State of risks located or to be performed in this State, permitted to be placed through a licensed broker with a nonadmitted insurer eligible to accept the insurance, other than reinsurance, wet marine and transportation insurance, insurance independently procured, and life and health insurance and annuities. Excess and stop‑loss insurance coverage upon group life, accident, and health insurance or upon a self‑insured’s life, accident, and health benefits program may be approved as surplus lines insurance.

  • Travel Insurance means coverage for personal risks incidental to planned travel, including one or more of the following:

  • insurance period means a contribution period or an equivalent period;

  • Long-term care insurance means group insurance that is authorized by the retirement system for retirants, retirement allowance beneficiaries, and health insurance dependents, as that term is defined in section 91, to cover the costs of services provided to retirants, retirement allowance beneficiaries, and health insurance dependents, from nursing homes, assisted living facilities, home health care providers, adult day care providers, and other similar service providers.

  • Special Primary Insurance Policy Any Primary Insurance Policy covering a Mortgage Loan the premium of which is payable by the Trustee pursuant to Section 4.04(a), if so identified in the Mortgage Loan Schedule. There are no Special Primary Insurance Policies with respect to any of the Mortgage Loans.

  • D&O Liability Insurance Policies means all insurance policies (including any “tail policy”) of any of the Debtors for liability of any current or former directors, managers, officers, and members.

  • Insurance means comprehensive insurance of the vehicle(s)/equipment and shall include insurance of the crew.

  • insurance business means one or more aspects of the business of selling, issuing or underwriting insurance or reinsurance.

  • Insurance Affordability Program means a program that is one of the following:

  • Force-Placed Insurance shall have the meaning set forth in Section 4.4.

  • R&W Insurance Policy means the representations and warranties insurance policy issued to Buyer in connection with the transactions contemplated hereby.

  • Lot coverage means the portion or percentage of the area of a lot upon which buildings are erected.

  • Individual health insurance coverage means health insurance coverage offered to individuals in the

  • Umbrella Cash Account means (a) a cash account designated in a particular currency opened