All you need to know about Insurance Domain before developing IT!
First Things First- Why Domain Knowledge Matters? Domain knowledge is essential for Creating/testing/Implementing any software product, and it has its own benefits like What is Insurance? Type of Insurance Insurance is defined as the equitable transfer of the risk of a loss from one entity to another in exchange for payment . Insurance Company, which sells the policy is referred to as INSURER while the person or company who avails the policy is called the INSURED . Insurance policies are usually classified into two categories, and insurer buys the policies as per their requirement and budget. What is Premium? Premium is defined as the amount to be charged for a certain amount of insurance coverage or policy the insured has bought. Premium for the insurance is determined by on the basis of two factors The frequency of claims The Severity of claims (Cost of each claim) Different process area of Insurance: Systems which comes to play in ...