InsCoin PROJECT ((ICO 2018))-THE FIRST BLOCKCHAIN BASED INSURANCE ...

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INTRODUCTION:

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship.

The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk, especially if the primary insurer deems the risk too large for it to carry.

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Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen, or lost at sea.

Circa 800 BC, the inhabitants of Rhodes created the 'general average'. This allowed groups of merchants to pay to insure their goods being shipped together. The collected premiums would be used to reimburse any merchant whose goods were jettisoned during transport, whether due to storm or sinkage.

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Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347, and in the next century maritime insurance developed widely and premiums were intuitively varied with risks. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance.

In reference with the motion of this article, Today! I will be presenting you a particular undisputed project called: INSCOIN

WHAT IS InsCoin?

InsCoin for Knox Project aims to establish the first insurance company that will accept a Crypto (INSC) for the payment of insurance premiums, and the first that, with the help of the blockchain, will solve the problem of falsification of insurance policies. The KNOX project will be the first insurance company that merges the real world with the digital one using Blockchain technology, creating the most efficient and advanced structure in the sector, to find a solution to the problem of certification and anti-forgery of insurance policies. It will be the first ever to emit insurance policies both in smart-contract and traditional paper form. With the smart contract the spread of false insurance policies is avoided because it is the same system that issues them after receiving the payment. With the smart contract the company won't have delay in collecting credits, as the policy is issued only after receiving the payment.

ABOUT InsCoin

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The KNOX project will be the first insurance company that merges the real world with the digital one using Blockchain technology, creating the most efficient and advanced structure in the sector, to find a solution to the problem of certification and anti-forgery of insurance policies. It will be the first ever to emit insurance policies both in smart-contract and traditional paper form.

With the smart contract the spread of false insurance policies is avoided because it is the same system that issues them after receiving the payment.

With the smart contract the company won't have delay in collecting credits, as the policy is issued only after receiving the payment. This factor aims to significantly improve the management of the company itself.

With the smart contract in the event of accidents the real judge who will decide whether or not to pay them is no longer the company, which could have an opportunistic behavior, but the blockchain system that, in a totally disinterested by the human opinion, will decide if this accident is compliant with the provisions in the policy.

This benefit will be the most important as it will increase the transparency of the company towards customers.

WHY BLOCKCHAIN TECHNOLOGY?

The knox project will use ERC20 technology of the Ethereum blockchain. Which will help increase the transparency of the company towards its customers. Here are some of the benefits

Blockchain technology offers customers full control over their insurance polices, whereby they can monitor it at any point in time.
Smart contracts eliminates the widespread of fraudulent insurance policies.
Blockchain technology provides immediate allocation of commissions to brokers.
Blockchain technology is absolutely transparent, and no fraudulent policy can be charged to the insurance company.
Smart contracts eliminates delays in collecting premiums. Thus improving the company’s cash flow.
Blockchain technology makes it possible of brokers to instantly check administrative reports.

InsCoin PROJECT & ICO REVIEW EXPLANATION VIDEO

InsCoin TEAM & ADVISORS BOARD

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InsCoin PARTNERS

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InsCoin ROADMAP

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InsCoin ICO ANALYSIS

The ICO is a natural supplementary funding source to further accelerate the development and global adoption of the InsCoin PLATFORM

The KNOX project will need new Brokers, in addition to the 300 and more already present in the sub-networks of the WholeSale linked with us. Brokers who decide to invest in our pre-ICO and ICO will have personalized bonuses. All Brokers will receive 15% more on the purchased tokens. They will also receive bonuses on commissions agreed at the headquarters oce, with the following additional percentage points.

InsCoin TOKEN ANALYSIS

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INSC is an ERC20 compatible utility token built on the Ethereum blockchain. Customers can use this token to pay insurance premiums on the platform.