Quizzes
Short paths to work through one precise mechanism. Every question starts from a real case, every answer links to the glossary entry that explains it in full. No account, no sign-up.
212 quizzes available · 1262 questions
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Is cyber risk insurable?
Accumulation, silent cyber, war exclusion: the three reasons cyber resists the classic tools of insurance, and what the market built in response.
Reinsurance fundamentals
Proportional or non-proportional, attachment and limit, reinstatement, rate on line: the grammar of a reinsurance programme, explained through the decisions it serves.
Reading an insurance income statement
Combined ratio, IBNR, loss triangle, ultimate loss: how a technical account reads, and what a good number can hide.
The law that decides whether a policy pays
Proximate cause, direct physical loss, sanctions exclusions, final adjudication: ten legal mechanisms that decide whether a loss is paid, each set on a real case.
Pricing a risk, and seeing where the maths goes wrong
From pure to gross premium, then to where the maths stops being true: too little credibility, tail correlation ignored, reserves that drift. Nine questions with numbers.
What a policy actually pays
A headline limit is almost never what gets paid. Sub-limits, aggregates, deductibles, waiting periods, trigger basis: ten mechanisms, each set on a worked case.
How a model fails, and who answers for it
Data poisoning, adversarial examples, model inversion, silent drift, proxy discrimination: nine ways a model goes wrong, and what each does to the operator's risk.
Specialty lines, where insurance leaves the standard frame
A hole in one, a cancelled tour, a well blowout, a battery in runaway, trapped profits: ten lines where ordinary insurance reasoning stops, and what each invented.
Anatomy of an attack, from entry to exfiltration
Nine real techniques, each dated: the 2013 watering hole, Stuxnet, the WannaCry kill switch, the 2015 Ukrainian blackout, and the 2024 LockBit takedown.
The fine mechanics of a reinsurance treaty
Subject premium, profit commission, stop-loss, CRESTA zones, retrospective covers: nine daily mechanisms, two of which show where risk transfer stops being one.
Cycles, marketplaces and capacity
Eight market mechanisms, each dated: the cyber premium tripling in 2021, the first of January, who underwrites without carrying risk, and a state insuring its drought.
Module check: classifying the fact
Practice on the module: the non-accumulation mechanism, dating the triggering event, and what separates a political default from a commercial one.
Alternative risk transfer, and what it does not transfer
Captives, cat bonds, sidecars, ILWs, parametric: nine structures, and every question turns on what they leave behind, locked-up capital or basis risk.
The data center, an industrial risk that turned digital
Redundancy, Tier classification, backup power, heatwaves, fire, cloud: nine questions on the one property risk whose interruption hits companies that suffered nothing.
Insuring space: launch, orbit, liability
Ten questions, each anchored on a dated event, on a narrow market where recourse is contractually barred and half the claims are degradations, not destructions.
Underwriting cyber: what actually decides the loss
The attacker's economy, shared dependency, the wording. Nine questions on what really sets the cost of a cyber loss, which is almost never the attack itself.
What decides whether a treaty pays, and how you get out of one
Nine mechanisms deciding the amount after signature: layer, hours clause, follow clause, alignment provision. Then the exit, fronting, run-off and portfolio transfer.
The controls cyber underwriting looks at, and what they prove
A questionnaire everyone answers yes to measures nothing. Nine questions on what each control establishes, what it leaves open, and when the control becomes the risk.
Climate and insurability: what the insurer absorbs, and what it decides
Climate reaches an insurer through three doors: what it discloses, what it carries, what it declines. Nine questions, including the 2023 episode and its legal risk.
Insuring M&A transactions
Warranty and indemnity, tax liability, contingency, directors' run-off: nine questions on four policies routinely confused, what each takes and what each leaves.
Financial lines: five policies on one client
D&O, professional liability, crime, employment practices, fiduciary: five policies on one client, whose boundaries depend on who claims, never on how serious it is.
The French CatNat scheme, and the peril outgrowing it
A flat surcharge, a ministerial order that triggers everything, an unlimited state guarantee, and a peril with no dated event. Nine questions on a French singularity.
Marine insurance, and what the shadow fleet changes
Nine questions on the oldest branch of modern insurance and its newest problem: three policies on one ship, general average, and vessels nothing can be attributed to.
Energy insurance, from blowout to battery
Nine questions from blowout to battery: cover bounding a first slice, liability channelled onto the operator, and stored energy that destroys the asset it gives value.
- Where an insurer's money actually is
- Module check: the aggregation window
- Module check: the cyber war exclusion
- Module check: the cloud outage
- Module check: physical damage in industrial cyber
- Module check: reinstatement
- Module check: sanctions and ransom
- Module check: the waiting period and the amount
- Module check: proving the fact
- Module check: the loss nothing broke
- Module check: the cover that demands an award first
- Module check: winning is not recovering
- Module check: the period and the world that never was
- Module check: settling with the state
- Module check: the trade credit boundary
- Module check: the covered loss nobody can pay
- Module check: the public agency and the private market
- Module check: the aggregate, the country limit and the seam
- The rules that govern a European insurer
- Module check: two interests in one object
- Module check: theft and unexplained disappearance
- Module check: the experts' disagreement
- Module check: the loss that strikes title
- Module check: what the policy replaces
- Module check: the perimeter and its three families
- Module check: unknown as of when, and unknown to whom
- Module check: the three defect wordings
- Module check: the revenue that never existed
- Module check: one unpaid invoice, two policies
- Module check: the limits are the product
- Module check: who proves what
- Module check: the sum insured against the completed works
- Module check: the delay that is nobody's loss
- Module check: the schedule of insureds
- Module check: what is disclosed and what is not
- Module check: what is not yet on site
- Module check: turning a process into an event
- Module check: insuring a conclusion, not a fact
- Module check: the pending dispute
- Module check: the one protection a delay destroys
- Module check: a balance sheet effect before a risk transfer
- Module check: what acceptance shifts
- Module check: what a project-wide policy actually buys
- Module check: who pays now, who pays in the end
- Module check: the value gathered at a single point
- Module check: the penalty and the indemnity
- Module check: what was already there
- Module check: the prototype and the series
- Module check: the testing window
- What a language model actually does
- Module check: tax as an instrument of taking
- Module check: valuing what can no longer be seen
- Module check: the narrowest cover where it destroys
- Module check: what prevention actually moves
- Module check: when the whole room is hit
- Module check: when the market is observable
- Module check: the order follows the place, the work does not
- Module check: the schedule that drifts both ways
- Module check: a guarantee that is not a policy
- Module check: a convention, not a finding
- Module check: the disclosure dilemma
- Module check: the three figures the first reflex does not compute
- Module check: the seam, and the event the contract chose
- Module check: the date nobody compares with the other
- Module check: the spend that exceeds the sum insured
- Module check: two one page documents, one folder, two effects
- Module check: time does not cost the two parties the same
- Module check: two routes to the same money, only one avoiding the lawsuit
- Module check: overpaying, or not owning
- Module check: declining for the right reason
- Module check: the floor is not set by appetite
- Module check: the boundary is not a matter of degree
- Module check: one decree, two different losses
- Module check: certain spend against uncertain reimbursement
- Module check: eight countries, one risk in eight versions
- Module check: ten points of cover do not compare to outstandings
- Module check: notifying fast a claim that does not yet exist
- Module check: the most recent invoice is the uncovered one
- Module check: what is scarce is not trust
- Insuring a data centre
- How an insurance market turns
- Module check: the same bank statement, two opposite files
- Module check: during a crisis, or because of one
- Module check: winning the right to litigate
- Module check: indemnified at ninety-five percent, and disappointed
- The silence of policies, and how it ended
- Why cyber resists actuarial methods
- Cyber war, attribution and sanctions
- Insuring a satellite
- The insurer and the transition
- Who answers for damage caused by an AI
- How a model fails, and what it costs
- When the state insures what the market cannot
- Reading an insurer's accounts
- Insuring where the market is young
- Module check: losing an indemnity with the debtor blameless
- Module check: confirmation, and what it does not carry
- Module check: the declaration that decides the extent of cover
- Module check: who gets the money that comes in after the indemnity
- Module check: a receivable does not die loudly
- Module check: the receivable moves, the policy does not always follow
- Module check: the face amount is intact, the value has melted
- Module check: the chain always breaks in the same place
- Module check: three functions no single product ever takes on at once
- Module check: a guarantee on money already spent
- Module check: cover for this year, a hope for the ones after
- Module check: what was insured is a share, not a cement plant
- Module check: cover stops at the hour of signing
- Module check: the danger comes from the other side
- Module check: the first number to write down is neither of the two
- Module check: saying no, and saying when protection was still possible
- Module check: the asset returned is not the one that was taken
- Module check: nothing is refused, so nothing can be appealed
- Module check: notifying on day one of a deprivation announced for six months
- Module check: looking for hostile intent costs months
- Module check: the price gap is a measurement, not greed
- Module check: a sole distributor is a chokepoint more than a customer
- Module check: the last link in every chain of reasoning
- Module check: what was said only to the broker was not said to the insurer
- Module check: the most valuable ask is none of the three on the table
- The power and water of a data centre
- What NewSpace changes for insurance
- What an insurer must disclose about climate
- Estimating what a year of claims will cost
- Measuring what rarely happens
- Module check: a comparison of freedoms, not of prices
- Module check: duration is a door more than a parameter
- Module check: the one bound you lose without noticing
- Module check: before the facts, the first question is who held the receivable
- Module check: the risk is complete before any receivable exists
- Module check: several identical policies of which only one is administered
- Module check: the number on the front of the policy is not the one that counts
- Module check: limits are not counted the same way on both sides
- Module check: the decisions were taken before the file existed
- Module check: the power serves to prevent the loss, not to settle it quickly
- Module check: the policy paid, and the renewal is what costs
- Module check: a firm three years, and a letter in the eighth month
- Module check: what a sovereign rating measures, and what it does not
- Module check: ten contracts, three countries, one single line
- Module check: the file is excellent, and it is declined
- Module check: ask for facts, never for reasons
- Module check: the insurer acknowledges, the insurer does not pay
- Module check: sixty days, six months, ten weeks
- Module check: the signature nobody studied
- Module check: the residual category, and the only pressure left
- The capital required of an insurer, and how it is computed
- How a reinsurance tower gets used up
- Who decides, who pays, and until when
- Module check: four regimes in one signature
- Module check: what a reserve actually reserves
- Module check: breaking or underperforming
- Module check: a cap that gets spent
- Module check: the day nobody is watching
- Module check: four covers, and the order you call them in
- Module check: the cover that gets spent first
- Module check: the clock that starts with nothing broken
- Module check: what other people claim
- Module check: the decision the policy does not take
- Module check: the clock starts before you know
- Module check: forty closed questions on a system that is not
- Module check: closing a path or watching it
- Module check: when the past does not inform
- Module check: a cut-off is not a reduction
- Module check: what no price makes up for
- Module check: the document describes a company, not the risk
- Module check: committing before, or after
- Module check: what a quota share does not do
- Module check: the treaty looks at the risk, not the loss
- Module check: slicing an amount, not sharing a risk
- Module check: what the layer calls a loss
- Module check: the only treaty that looks at the result
- Module check: refunding expenses, sharing a result
- Module check: what burned, not what can burn
- Module check: a control instrument, not a pricing one
- Module check: the hand that places the window
- Module check: a limit is not a permanent stock
- The security behind the promise, and how you get out
- What a treaty really costs, and how it settles
- Module check: cyber outside property policies
- Module check: silent cyber in marine insurance
- Module check: the policy inventory
- Module check: silence is not a neutral position
- Module check: reading your own policy
- Module check: the legacy wordings and the market's response
- How a treaty actually gets placed
- Actuarial science: the fundamentals
- Capacity, cycle, reinsurance and catastrophe bonds
- Political risk: expropriation, transfer, political violence, act of state
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