Importance

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Abstract

An apparatus for unemployment insurance may include a processor and a non-transitory memory storing instructions. The instructions, responsive to execution, configure the processor to cause the apparatus at least to perform receiving information indicative of a user selection of an unemployment insurance coverage option defining policy parameters corresponding to a policy entitling the user to receive a financial benefit for a predefined period of time in response to an occurrence of a qualifying involuntary unemployment event and determining a premium fee to be paid on behalf of the user to maintain the policy. The premium fee may be determined based at least in part on the user selected coverage option. The instructions may further configure the processor to cause the apparatus to perform determining an allocation for funds associated with the premium fee between a cost of insurance and a smart cash reserve, and, in response to receiving an indication of the occurrence of the qualifying involuntary unemployment event, causing provision of the financial benefit to user. The smart cash reserve may hold funds of the policy to cover initial payout on any claim against the policy until depletion of the smart cash reserve before payout is covered by insurance.

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First Claim