{"schema":"https://ver.cy/schemas/card/1.0.0","id":"vr.tr.insurance","code":"thing-q43183","url":"https://ver.cy/models/thing/q43183/","name":"insurance","alternateNames":["independent practice association","reinsurance","Financial reinsurance","KiwiSaver","health insurance cooperative","private health insurance","pension","company pension","pet insurance","concurrent insurance","climate risk insurance","hull insurance"],"kind":"thing","status":"published","version":"0.2.0-wave.3","language":"en","classifiers":{"family":"Thing Registry","category":"Physical world and living systems","entryKind":"thing","plane":"PHY","domain":["PHY.OBJ"],"industry":[],"navPath":"","tags":[],"facets":{}},"whatItIs":"A contract by which an insurer, in return for a premium, undertakes to pay for specified losses or events suffered by the insured, pooling risk across many policyholders; lines include life, health, motor, property, liability and reinsurance, and the business is licensed and supervised by regulators to protect policyholders and solvency.","purpose":"Let an agent explain how insurance works and what its main lines are, relay regulatory, consumer rights and complaint information from supervisors and ombudsmen in general terms, describe policy terms and claims processes, and route personal advice on what to buy to licensed advisers.","scope":{"in":[],"out":[],"boundaries":[]},"distinguishingFeatures":["Risk transfer for a premium","Pooling and the law of large numbers","Contract of utmost good faith in many systems","Licensed and supervised business"],"structure":{"bundles":[{"id":"understand","name":"Understand","description":"How insurance works.","layers":[{"id":"principle","name":"Principle","description":"Risk pooling.","findings":[{"id":"principle-finding","name":"Principle","description":"Principle.","questions":[{"text":"How do premiums, pooling and underwriting make insurance work?","kind":"definition"},{"text":"Is the user asking which product to buy, which needs a licensed adviser?","kind":"boundary"}]}]},{"id":"lines","name":"Lines","description":"Kinds of insurance.","findings":[{"id":"lines-finding","name":"Lines","description":"Lines.","questions":[{"text":"What are the main lines of insurance, and what does each cover?","kind":"definition"},{"text":"Which entry fits a specific line?","kind":"action"}]}]}]},{"id":"policy","name":"Policy","description":"Terms and claims.","layers":[{"id":"terms","name":"Terms","description":"Policy terms.","findings":[{"id":"terms-finding","name":"Terms","description":"Terms.","questions":[{"text":"What do cover, exclusions, excess, limits and duties of disclosure mean in general terms?","kind":"definition"},{"text":"Is the question about a specific policy, which needs the insurer or an adviser?","kind":"boundary"}]}]},{"id":"claims","name":"Claims","description":"Claims.","findings":[{"id":"claims-finding","name":"Claims","description":"Claims.","questions":[{"text":"How does a claim proceed, and what can a policyholder do if it is refused?","kind":"provenance"},{"text":"Which ombudsman or scheme covers the dispute?","kind":"action"}]}]}]},{"id":"rules","name":"Rules","description":"Regulation and rights.","layers":[{"id":"regulation","name":"Regulation","description":"Supervision.","findings":[{"id":"regulation-finding","name":"Regulation","description":"Regulation.","questions":[{"text":"How are insurers licensed and supervised, and how can a licence be checked?","kind":"provenance"},{"text":"Which entry fits financial regulation?","kind":"action"}]}]},{"id":"rights","name":"Rights","description":"Consumer rights.","findings":[{"id":"rights-finding","name":"Rights","description":"Rights.","questions":[{"text":"What consumer rights and protections apply, including guarantee schemes?","kind":"provenance"},{"text":"Is the user asking for legal advice, which needs a professional?","kind":"boundary"}]}]}]},{"id":"context","name":"Context","description":"Economics and history.","layers":[{"id":"economics","name":"Economics","description":"Economics.","findings":[{"id":"economics-finding","name":"Economics","description":"Economics.","questions":[{"text":"How do actuarial pricing, reinsurance and investment work in the industry?","kind":"provenance"},{"text":"Which entry fits actuarial science?","kind":"action"}]}]},{"id":"history","name":"History","description":"History.","findings":[{"id":"history-finding","name":"History","description":"History.","questions":[{"text":"How did insurance develop from marine insurance to modern markets?","kind":"provenance"},{"text":"Which references are standard?","kind":"provenance"}]}]}]}]},"agentConduct":{"may":["Explain how insurance works, what a policy covers and what common exclusions mean.","Help a policyholder find and read the terms of their own policy.","Organise documents for a claim at the policyholder's request."],"mustNot":["Recommend a specific policy or product as personal financial advice.","Submit or alter a claim with false or exaggerated information.","Tell a person they are covered without checking the policy's actual terms and exclusions.","Share a policyholder's health or claims data beyond what they agreed to."],"requiresHuman":["Buying, cancelling or changing a policy.","Submitting a claim or accepting a settlement."]},"ethics":{"considerations":["Insurance protects people at their most vulnerable moments; mis-selling and denial cause real hardship.","Pricing on personal data can exclude people who most need cover."],"affectedParties":["Policyholders","Claimants and beneficiaries","Other members of the risk pool"]},"owners":{"steward":"The insurer that issues the policy; the policyholder holds the contract. Insurance regulators supervise insurers.","roles":[],"masterSystems":["Insurer policy records","Registers of authorised insurers"]},"relations":[{"target":"Q15809678","type":"parent","note":"registry parent class"},{"target":"Q837171","type":"parent","note":"registry parent class"},{"target":"financial product","type":"related","note":"a contract sold by insurers"},{"target":"insurance company","type":"related","note":"the insurer"},{"target":"financial supervisor","type":"related","note":"licensing and solvency"},{"target":"risk management","type":"related","note":"the wider discipline"}],"interaction":{"identity":{"applicability":"required","items":["Vercy registry: vr.tr.insurance","Wikidata: Q43183 (https://www.wikidata.org/wiki/Q43183)","policy number: insurer specific","insurer licence number: regulator register proves authorisation"]},"properties":{"applicability":"not-applicable","items":[]},"recognition":{"applicability":"required","items":["A policy with insured events, premium and limits","A licensed insurer and a regulator","Savings products, warranties and gambling are different arrangements","Not a physical object; seen as a policy document, a premium and a claim."]},"capabilities":{"applicability":"required","items":["explain how insurance and pooling work","explain policy terms, exclusions and claims in general","relay regulation and consumer rights","route personal product advice to licensed advisers"]},"hazards":{"applicability":"required","items":["Underinsurance and uncovered exclusions","Fraud and mis-selling","Insurer insolvency","Agents giving personal financial advice"]},"interfaces":{"applicability":"required","items":["Insurance contract law","Prudential regimes such as Solvency II and national equivalents","Conduct of business and disclosure rules","Ombudsman and guarantee schemes"]},"context":{"applicability":"required","items":["Transferring and pooling financial risk.","life and annuity insurance","health insurance, public and private","motor, property and casualty insurance","liability and professional indemnity","reinsurance","mutual and cooperative insurers","social insurance schemes"]}},"sources":[{"title":"Wikidata item Q43183: insurance","url":"https://www.wikidata.org/wiki/Q43183","note":"identity and sense of the item"},{"title":"Wikipedia: Insurance","url":"https://en.wikipedia.org/wiki/Insurance","note":"general description of the item"}],"openQuestions":["Should each line be a separate entry?","How should regulator registers be linked by country?","The registry entry has merged aliases naming pension schemes and provider associations; should they be split off?"],"resources":{"spec":"/models/things/publications/thing-q43183/spec.json"},"provenance":{"origin":"thing registry research (pass 2)","builtFrom":["models/things/publications/thing-q43183/spec.json"],"providers":["Claude"],"researchStatus":"unreviewed","generatedAt":"2026-09-12T19:51:39Z","builder":"tools/build_cards.py@1.0.0"},"completeness":{"sections":{"classifiers":"filled","whatItIs":"filled","purpose":"filled","distinguishingFeatures":"filled","structure":"filled","agentConduct":"filled","ethics":"filled","owners":"filled","relations":"filled","interaction.identity":"filled","interaction.properties":"not-applicable","interaction.recognition":"filled","interaction.capabilities":"filled","interaction.hazards":"filled","interaction.interfaces":"filled","interaction.context":"filled","sources":"filled"},"notes":{"_gate":"Published through the thing publication gate 1.0 on 2026-10-07T10:10:31+00:00: completeness 1.00; sense: Wikidata description; 2 live sources; review by codex: pass","interaction.properties":"Insurance is a contractual arrangement for transferring financial risk and has no intrinsic physical properties."},"score":1.0}}