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Key Concepts

This Key Concepts section is intended to be a standardized list of Seel terminology. It includes some general terms in insurance, which also bear specific meanings in the Return Assurance context.

Quote

Quote is the estimated price for certain coverage. It is the first step in creating an insurance policy. In Return Assurance, quote is the estimated price of the Return Assurance policy displayed to shoppers with the widget.

Policy

Once shoppers purchase the insurance, there should be a legal contract between the insurer and the insured. In Return Assurance, policy is an agreement between the shopper and Seel, giving shoppers the option to return covered items to Seel.

Asset

Asset is an item of value that has been covered, i.e. a car in auto insurance. Asset is atomic. In the context of Return Assurance, assets are the items in the order covered by Return Assurance, with each single line item viewed as a unique asset.

Claim

Claim is a request by the policyholder to have the insurer compensate them for a loss. In Return Assurance, a claim is a return & refund request initiated by the shopper to Seel.

Payout

Payout is the sum of money paid to a policyholder when a claim is accepted. In Return Assurance, it's a payment to the shopper for an approved claim, i.e., refund.