My WordPress Blog
My WordPress Blog
Telematics and Usage-Based Insurance (UBI) use data collected from devices such as GPS trackers or smartphone apps to assess the behavior of policyholders (e.g., how safely they drive, how often they drive, etc.) to calculate premiums. By monitoring driving habits, insurers can offer personalized premiums based on real-time usage rather than traditional risk factors (such […]
Technologies Used: Tutorial Overview: Step 1: Data Collection and Preprocessing For the purpose of this tutorial, we will simulate an insurance dataset with features such as age, health, lifestyle, and smoking status. We’ll use this dataset to train a model that predicts the risk level of an applicant. 1.1 Simulated Dataset We’ll create a dataset […]
Setup the Blockchain (Smart Contract) We’ll use Solidity to create a smart contract that handles insurance claims. The contract will: 1.1 Install Dependencies To get started with Solidity and deploy our smart contract on Ethereum, you need to install the following tools: To install Truffle: 1.2 Initialize the Truffle Project In a new directory, initialize […]
Technologies Used: Project Structure Step 1: Set Up Environment Ensure that Flask is installed. You can install Flask with the following command: You can also use SQLite, which is built-in with Python, but you could replace it with a more scalable database in a real-world scenario. Step 2: Build the Backend with Flask app.py (Main […]
In the traditional world, claims management often involves manual entry, paperwork, and slow processing times. With digital transformation, we can improve: Project Structure Step 1: Set up Environment Make sure to install Flask and SQLite (SQLite comes built-in with Python, but other DB systems can also be used). You can install Flask using pip: Step […]
Overview: In a traditional environment, order management might rely on paper forms or spreadsheets. We’ll implement a digital solution that allows customers to place orders online, which are automatically stored and processed in a database, and track order statuses through a web application. This project will utilize: Step-by-Step Guide 1. Set up the Environment Make […]
The term “no physical exam” is used in health insurance and life insurance policies. Some insurance companies use this term to increase their policyholders or customers. These insurance companies provide freedom to the policyholders to take policy and skip the mandatory physical test by certain life insurance companies. The insurance companies which provide this facility […]
It depends on the policies of the insurance companies. Some insurance companies provide the facility where the policyholder can pay premium payments in three, five, seven, or ten years according to their income and get the whole coverage they would have received within the usual duration.
According to income tax law, the previous year is when income is earned. On the other hand, the assessment year is when the income earned is assessed. In other words, income earned this year is taxable in the next year and is also known as the assessment year. According to the layman’s language, the current […]
Yes, a person can take two life insurance policies and claim both.