If you had Jumpstart earthquake insurance 40 years ago, when would you have received a payment? Over the last 40 years, 16 earthquakes would have triggered a Jumpstart payment in California. In other words, Jumpstart makes payments in about three earthquakes per decade.
How does Jumpstart determine payment eligibility immediately after an earthquake occurs? To ensure fast, fair payments, we use data from the United States Geological Survey. The USGS is the US government agency responsible for measuring earthquakes and a leading authority on seismic activity around the world.
Getting through life is hard enough—who can afford to think about earthquakes? Well, here’s some good news: the same things that help us get through life are what will help us most in an earthquake: good friends, a financial cushion, and a phone charger.
(And yes, I did just reveal the secret of life in a top-three.)
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Parametric describes a type of insurance that works differently than the conventional “indemnification” insurance types (e.g. Home, Life, Auto) familiar to most consumers. Parametric insurance involves a special type of financial contract that transfers money to policyholders upon the occurrence of specific, predefined events.
Parametric insurance contracts define the characteristics or thresholds of events that will trigger payments. Those characteristics are also known as the events’ “parameters” (thus the name “parametric.”)