UMC is built on the UMC network. The UMC network carries an unspecified amount of UMC to handle benefits payouts. This pool acts as float. Traditional insurance companies take money from premiums and immediately invest it. UMC allows you to own a stake in the network float and be involved in the payout process.
UMC will pay you a benefit during specific life events to ease the burden of financial hardships. This includes items such as deductibles, co-pays, and co-insurance. Claims are paid out from the existing float. Extensive measures will be taken to ensure coin holder safety including mature dates, maximum payouts, and voting on fraudulent claims.
At the end of the day, your insurance should be there to help you get through tough times, while still letting you enjoy the good times. UMC's next-generation platform to engage the community and crowdfund benefits packages gives you peace of mind that, in case of emergency, you will be taken care of.