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Welcome to the first part of our tutorial series. I would like to take you step by step to the topic of insurance in general and how to model insurance with the generic insurance framework (GIF). First, lets establish some definitions, functions and roles in order to have a common domain-oriented basis. So what is an insurance? Insurance is a means of protection from financial loss. An insurance company takes over risks from a customer, often called the insured. Insurable risks can be events related to weather, like too much or too little rain, but also the delay of a booked flight or a classic car liability insurance. The insurance promises to compensate the insured in the event of a covered loss. In return, the insured pays a premium. If a claim occurs and is accepted by the insurance, the insurance creates a payout to reimburse the agreed financial amount. The exact legal requirements for insurance vary around the world. In most countries, an insurance
