Smart Deposit

What is a SmartDeposit?

Insurance companies sell guarantees. They guarantee financial protection against sudden loss. This guarantee is typically paid by the customer monthly and the payments are referred to as premiums.

SmartDeposit Concept: "Purchasing lower premium with penalties for incorrect predictions".

If users are wrong about when they will open and close a claim THEN those smart deposits are lost. If they are right then they get that money back.

When the SmartDeposit should be sent?

After User has submitted Policy Application he should send us Smart Deposit in order to go to RiskAssessment step. See https://github.com/dynamisdao/dynamisapp/wiki/Policy-State-Diagram

Cost of SmartDeposit

"In a perfect world how long do you see yourself staying with your present employer?"

• Less than 1 year (10 months) Free
• In about 1 year 10
• Before the end of next year (18 months) 20
• In about 2 years time 30
• More than 2 years 40
• I will work for my present employer indefinitely 50

"When you finally do need coverage about how long do you suppose you might need it for?"

• About 1 to 2 weeks 50
• Maybe 3 weeks to 1 month 40
• Perhaps 1 to 2 months 30
• Possibly 2 to 3 months 20
• Potentially 3 to 4 months 10
• I will need more than 4 months of coverage Free

When SmartDeposit is returned?

1. If policy is rejected or cancelled
2. If user is wrong about when he will open and close a claim THEN those smart deposits are lost. If user is right then he gets SmartDeposit back.

When SmartDeposit is not returned?

1. If user is wrong about when he will open and close a claim THEN those smart deposits are lost.