New Upgrade - PokerOwned Insurance -

[Zab]

What is this?
If a user defaults in the Loan Shark (If he cuts and runs) you can apply for insurance. ** Please note, the Marketplace insurance isn't live yet and might not be**

How much can I get when I apply?
When you apply for Insurance I have 3 options

#1 Give you 20% of the PRINCIPLE LOAN back to you
#2 Give you back 100% of your PRINCIPLE LOAN
#3 Deny your request for this week

Principle? What about Default and Interest?
Sorry, you don't get paid on these unless the users repays you.

How do you choose which of the 3 to give me?
Typically you will only get 20% of your loan returned to you each week. The reason is not to bankrupt the insurance bank. I will award 100% of the loan amount to you typically if the total is less than 100 points.

If I think you gave a BAD LOAN (To a new user, or someone who defaults alot or I think there is some fraud going on) I will deny your claim for this week. I know people will try to abuse this system. If you loan out to new members that are high risk with no feedback, Expect to be denied every week.

You can apply for insurance once per 7 days.

What happens if I defaulted and the insurance paid my claim?
You still owe the principle (Back to the Insurance Bank), the Interest AND default (Back to the person who loaned you the points).

How is the Insurance bank funded?
1% of all Loanshark & Marketplace transactions are deducted and added to the bank.

Please Note: I am not trying to make money off this feature, I am trying to protect users when they loan.