Insurance

For the purposes of this section, a party is either an individual, an enumerated set of individuals, or an incorporated entity.

Insurance is a contract, known as a ``policy,'' in which the insuring party is bound to perform a specified action or set thereof which materially benefits a beneficiary party, in the case that the policy is triggered.   All parties to the policy are named therein.

The policy trigger is the transpiring of one or more events affecting the insured party, specified in the policy, in a manner specified therein.

The insured party can be equal to the beneficiary party.   All parties to the policy must formally agree to it by cryptographic signature.   A policy can obligate the beneficiary to periodic payment to the insurer, without which the insurer can be relieved of his obligations, if so specified in the policy.   As with any contract, an MMSE must be specified, by which the insurer can free himself of all obligations. The beneficiary is responsible for timely payment of contract taxes, as a baseline proportion of the MMSE.

Only an incorporated entity can be an insuring party.

A monetary insurance policy is a policy that triggers explicitly upon the event that another policy or set thereof triggers, or triggers on the basis of ripe contractual obligation or responsibility for payment as a consequence of contractual non-performance, or on the basis of the financial standing of the beneficiary, and in particular, on the net financial liabilities of the beneficiary.

No incorporated entity can simultaneously be an insuring party in one monetary insurance policy and a beneficiary party in another monetary insurance policy.

No policy can trigger on the basis of liability for law-breaking, or expenses incurred as a consequence thereof.

No law can require a party to be or become a party to an insurance policy, or prohibit a party from, or reward or punish a party for, being or becoming a party to an insurance policy, or change its manner of application on that basis.

The state cannot be a party to an insurance policy.



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