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  #1  
Old 04-28-2016, 09:17 PM
BLASTFROMTHEPAST BLASTFROMTHEPAST is offline
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Default INsurance! Without the evil of insurance companies!

Or the evil and costly business of actuaries, reinsurance agreements, reserves, and all the other evil crap that steals from consumers. What could go wrong?

https://teambrella.com/faq

tldr; they use bitcoins. Bunch of people buy in with premiums. At claim time, the other team members get a vote if they're going to pay your claim.
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  #2  
Old 04-28-2016, 09:20 PM
PackFan47 PackFan47 is offline
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Interesting idea. Not sure how much is trust it, though.
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  #3  
Old 04-28-2016, 09:22 PM
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The Vice of Gambling and the Virtue of Insurance
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  #4  
Old 04-28-2016, 10:40 PM
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so, is a Mr. R. Hunter involved?
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  #5  
Old 04-28-2016, 10:55 PM
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This is absurdly idiotic.
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  #6  
Old 04-28-2016, 11:30 PM
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Vorian Atreides Vorian Atreides is offline
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Quote:
Each teammate deposits funds into a special personal Bitcoin wallet. The funds in the wallet can only be spent if both the teammate and other three out of eight semi-randomly selected teammates sign for it. If the team votes to reimburse a teammate, all teammates are to pay their share from those wallets.
Quote:
You don’t need to pay set premiums. You only pay when there are claims, i.e., if there are no claims in your team, then you pay nothing.
So which is it? Make a deposit or not?
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  #7  
Old 04-28-2016, 11:43 PM
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Quote:
Each teammate’s vote has a weight that reflects the amount of premiums that teammate has paid over previous months.
The Golden Rule . . . He who has the gold, makes the rule . . .


Quote:
Teambrella works with almost any kind of insurance, but there are some exceptions:
It is not designed to work with cases where liability is not limited, e.g., some types of health insurance.
Teambrella is not currently suitable in cases where a regular insurance policy is required by a law or regulation, e.g., it won’t work for liability car insurance in most countries.
So much for what it could really be used for . . .

Quote:
Does an experienced driver pay the same as one that just got their driver's license?
If you are an experienced driver, then the team might be willing to give you a “discount”. That is, you would be assigned a lower risk coefficient. The lower the risk coefficient the lower coverage you need to provide to other teammates. In effect, you would pay less when someone submits a claim.
Maybe they're talking about comp/collision coverage here . . . wonder if my bank would accept it . . .



Quote:
All voting teammates receive a bit of money per reimbursement. By default, this is 5% of the total reimbursement distributed among all who cast a vote (the team can tune this rule).

Team members can delegate their votes to other teammates, including insurance professionals. And while those professionals are compensated enough for their time and expertise, regular teammates won’t need to dig through claims and applications.

Ideally, most of the work in Teambrella would be done by professionals. It's just they would have to do it in a very transparent, friendly, and fair manner — otherwise they would be instantly "fired" by users who no longer trust them.
So where is the cost savings, again?


Quote:
Teammates can delegate their votes to professionals who would use their favorite risk modelling software. These professionals would benefit from doing it in the most transparent and fair manner. They would gain more trust from teammates, would be selected as proxy voters more often and, in effect, would receive more compensation.
OH! Well . . . this makes it all better.


Quote:
Your coverage ratio is visible in the user interface at all times. This allows you to grasp what reimbursement you can expect in the case of an incident.

If your team is a small one, then a large claim submitted by a teammate may significantly affect your coverage. To reduce this effect, make sure your wallet has at least an amount of money recommended by the system.
So much for setting my own destiny when it come to coverage . . . None of you schmucks better make a large claim before I do . . .


Quote:
Is it suitable for “expensive” insurance like car insurance?
Even if you insure an expensive object, you don't have to insure 100% of it. You can insure just 1% of it to try how it works. If you feel like it, then you can increase the coverage ratio at any moment. (Though raising the coverage won't go into effect immediately — for fraud prevention)
Wonder what the coinsurance penalty looks like . . .
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  #8  
Old 04-29-2016, 07:53 AM
BLASTFROMTHEPAST BLASTFROMTHEPAST is offline
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Quote:
Originally Posted by Vorian Atreides View Post
TNone of you schmucks better make a large claim before I do . . .
.
That's why they have reser......wait. Nevermind.

I seriously don't understand how three people would come up with this idea after even a minimum amount of thinking.
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  #9  
Old 04-29-2016, 08:03 AM
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Originally Posted by BLASTFROMTHEPAST View Post
That's why they have reser......wait. Nevermind.

I seriously don't understand how three people would come up with this idea after even a minimum amount of thinking drinking.
IFYP. Does it make any more sense now, Mr Nostalgia?
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  #10  
Old 04-29-2016, 09:34 AM
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Pluto is no longer a planet and I am no longer an actuary. Please take my opinions as non-actuarial.


My latest favorite quotes, updated Nov. 20, 2018.

Spoiler:
I should keep these four permanently.
Quote:
Originally Posted by rekrap View Post
JMO is right
Quote:
Originally Posted by campbell View Post
I agree with JMO.
Quote:
Originally Posted by Westley View Post
And def agree w/ JMO.
Quote:
Originally Posted by MG View Post
This. And everything else JMO wrote.
And this all purpose permanent quote:
Quote:
Originally Posted by Dr T Non-Fan View Post
Yup, it is always someone else's fault.
MORE:
All purpose response for careers forum:
Quote:
Originally Posted by DoctorNo View Post
Depends upon the employer and the situation.
Quote:
Originally Posted by El Actuario View Post
Therapists should ask the right questions, not give the right answers.
Quote:
Originally Posted by Sredni Vashtar View Post
I feel like ERM is 90% buzzwords, and that the underlying agenda is to make sure at least one of your Corporate Officers is not dumb.
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