Life Insurance Terminology

 Below are the few terminology pertaining to Life insurance industry.

There are two types of risks "pure" and "speculative". Insurance is only provide to "pure" risk which means there is "loss only" & "speculative" risks are like "loss or gain" like gambling etc.

Insurance : Transfer of risk

Adverse selection : Insuring of risks that are more prone to losses than an average risk.

Agent/Producer : A legal representative of an insurance company, the classification of producer usually includes agents and brokers, agents are the agents of the insurer

Applicant or proposed insured : A person applying for insurance

Death benefit : The amount paid upon the death of the insured in a life insurance policy

Fraud : Intentional misrepresentation or deceit with the intent to induce a person to part with something of value

Insurance policy : A contract between policy owner (and/or insured) and an insurance company which agree to pay the insured or the beneficiary for loss caused by specific events

Insured : A person covered by the insurance policy, may or may not be the policy owner

Insurer (Principal) : The company who issues an insurance policy

Lapse : Policy termination due to non payment of premium

Life Insurance : Coverage on human lives

Policy owner : The person entitled to exercise the rights and privileges in the policy

Premium : The money paid to the insurance company for the insurance policy

Attained age : The insured's age at the time of the policy is issued or renewed

Cash value : A policy's savings element or living benefit

Face amount : The amount of benefit stated in the life insurance policy

Deferred : Withheld or postponed until a specified time or event in future

Endow : The cash value of a whole life policy has reached the contractual face amount

Level Premium : The premium that does not change through out the life of a policy

Liquidation of an estate: Converting a person's net worth into a cash flow

Nonforfeiture values : Benefits in a life insurance policy that the policy owner cannot lose even if the policy is surrendered or lapse

Policy maturity : In life policies the time when the face value is paid out

Securities : Financial instruments that may trade for value (stocks, bonds, options etc)

Provisions : Characteristics of an insurance contract and are fairly universal from one policy to the next.

Riders : Riders are added to policy to modify provisions that already exist.

Options : Offer insurers and insureds way to invest or distribute sum of money available in  a life policy

Activities of daily living (ADLs): A persons essential activities that include bathing, dressing, eating, toileting etc..

Assignment : Transfer of rights of policy ownership

Consideration : Something of value that each party gives to the other (binding force of a contract)

Indemnity : A principle of reimbursement on which insurance is based; in the event of loss an insurer reimburses the insureds or beneficiaries for the loss

Lump Sum : A payment of the entire benefit in one sum

Minor : A person under legal age

NAIC : National Association of Insurance Commissioners, an organization composed of insurance commissioners from all states and jurisdictions formed to resolve insurance regulatory issues

Principal : The face value of the policy; the original amount invested before the earnings

Reinstatement : Restoring old/lapsed policy

Incontestability : Insurer can deny a claim due to material misrepresentations on the application with in 2 years

Earned Income : Salary, wages or commissions; but not income from investments, unemployment benefits and simialar sources of income

FIFO(First in first out): Principle under which it is assumed that the funds paid into the policy first will be paid out first

Gross Income : Person income before taxes or other deductions

LIFO(Last in first out) : Principle applied to asset management in life insurance products under which it is assumed that the funds paid into the policy last will be paid out first

Policy Endowment : Maturity date

Pretax contribution : Contribution made before federal/state taxes deducted from earnings

Rollover : Withdrawal of the money from one qualified plan and placing it into another plan

Surrender : Early termination of a policy by the policy owner

Vesting : The right of a participant in a retirement plan to retain part or all of the benefits

Tax deductible : A reduction of taxable income, resulting in lower tax liability

Taxable : Subject to taxation, payable to state and federal government

Tax deferred : Taxes on investments or gains (interest or dividends) are paid at a future date instead of in the period in which they are incurred tax

Cease and desist : To stop or discontinue

Commission : Payment to the agent by the insurance company for placing insurance, usually a percentage of the policy premium

Exempt : not subject to an obligation

Home state : Insurer's head quarters, principal place of business

Inducement : an offer that attempts to influence the other party

Moral turpitude : Conduct that is contrary to community standards of justice, honesty or good morals

Reciprocity : A mutual interchange of rights and privileges

Statute : A formal written law enacted by legislature; insurance statutes can be found in the state insurance code.

Surplus lines : Insurance not available from authorized insurers; placed with non admitted insurers who specialize in offering insurance to the high-risk market

Collateral : Something of value pledged for the payment of a debt

Disclosure : Revealed information to help someone make an intelligent and educated decision

Lapse : Policy termination due to non payment of premium

NAIC : National association of Insurance Commissioners, an organization composed of insurance commissioners from all 50 States, the District of Columbia and the 4 U.S territories, formed to resolve insurance regulatory issues

Nonforfeiture values : Benefits in a life insurance policy that the policy owner cannot lose

Pro rata premium : An adjustment of the premium charge in proportion to the exact coverage that has been in force

Suitability : A requirement to determine if an insurance product is appropriate for a particular customer

Surplus : Excess of company's assets over liabilities

Credits: www.examfx.com

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OIDC JWT Authentication on Tigergraph DB 4.1.x

Open ID Connect (OIDC) token based authentication in JSON web token (JWT) format. OpenID Connect (OIDC) serves as an identity layer integrated with the OAuth 2.0 framework & OIDC utilizes JSON web tokens (JWTs), obtainable through flows that adhere to OAuth 2.0 specifications.

To ensure data integrity, each JWT is cryptographically signed, preventing unauthorized modification by clients or malicious parties. The payload data within the JWT consists of key-value pairs, commonly referred to as JWT "claims".

These claims encompass essential information such as details about the authenticated user, issue time, expiration time, and various other attributes.

From Tigergraph DB version 4.1.x token infromation is not stored in catalog, so token's partial names, expiration information is not visible on GSQL shell. And all tokens generated are at global level. 

Enable RestPP authentication.

$ gadmin config set RESTPP.Factory.EnableAuth true

$ gadmin config apply -y

$ gadmin restart restpp

Then create a secret from GSQL shell

gsql> use global

gsql> create secret <random_name>

Then generate a JWT token (The unit of lifetime is seconds)

curl -X POST -H 'Content-Type: application/json' http://localhost:14240/gsql/v1/tokens -d '{"secret":"p8odjjhjlmjjbpbud4v82tcbo7g5vau8", "lifetime":"1000000"}' | jq

Now, using the generated token to query RESTPP endpoint or so

curl -X POST -H "Authorization: Bearer eyJhbGciOiJIUzI1NiJ9.eyJzdWIiOiJ0aWdlcmdyYXBoIiwiaWF0IjoxNzI0OTE2NTU5LCJleHAiOjE3MjU5MTY1NjQsImlzcyI6IlRpZ2VyR3JhcGgifQ.zK5giNrMMAPJUygwr82zS5JMcwRQmH997TcEFeKq9Ug" "http://localhost:9000/query/ldbc_snb/test" | jq

Response codes:

Failed status: 400 (miss query param), 401 (authentication failed), 403 (permission deny), 404 (query not found), 500 (internal server error)

Reference:

https://docs.tigergraph.com/tigergraph-server/4.1/user-access/jwt-token#_oidc_jwt_authentication_in_tigergraph

https://auth0.com/docs/secure/tokens/json-web-tokens/json-web-token-claims

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Real Time data validation on Tigergraph DB

Usually, command "gstatusgraph" provided vertex and edge count but this is not real time.

To get real time count, we should use the REST API endpoint with parameter "realtime"

Documentation: https://docs.tigergraph.com/tigergraph-server/4.1/api/built-in-endpoints#_graphs

Functions to use are: stat_vertex_number & stat_edge_number

Example: curl -X POST "http://localhost:14240/restpp/builtins/socialNet" -d  '{"function":"stat_vertex_number","type":"*"}' | jq .

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Data consistency check between Primary and Cross Region Replica (CRR) in Tigergraph DB

Verifying vertex and edge counts between Primary and CRR (aka DR) before upgrade/patching/maintenance etc. is to check the "lastSeqID"  which is the last replayed replica by GSQL from Kafka Metadata Topic.

If no data loading is happening on Primary, then the "lastSeqId" on primary should match CRR.

Command to verify: curl -u tigergraph:<tigergraph_password> localhost:8123/gsql/replication

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Types of Hazard in Life Insurance Industry

 Below are the types of hazards in Life Insurance Industry

1) Physical hazards - Individual characteristics that increase the chances of cause of loss -- Like habits like drinking alcohol, smoking etc.

2) Moral hazards - tendencies towards increased risk -- like lying on the application like non alcoholic etc.

3) Morale hazards - state of mind that causes indifference towards loss -- like drunk and drive thinking insurance covers if any etc.

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