📚Glossary

Description of glossaries used in Nami Insurance

As the first product on the market that aims to protect users, we need to pay attention to some new glossary.

Glossary	Description
P-Market	The current market price of the trading pair. Prices are shown with accurate data
P-Claim	Insurance rates. When touching P-Claim, the system activates the insurance payment
P-Expire	Insurance liquidation price depends on P-Claim and Period When P-Expire is touched, the contract is liquidated immediately
P-Refund	The price belongs to the set of conditions for a margin refund. When the P-Market is between the P-Refund and the P-Claim at the expiration time, the user's margin is refunded
P-Close	Contract closing price. Be determined at the time the contract changes from being valid to another status
P-Open	Contract opening price Be determined when the contract is successfully margin
Q-Cover	Amount of assets to be covered Units of USDT or Assets
Q-Refund	The margin refund amount when P-Market is between P-Claim and P-Refund. The refund value is equal to the initial margin value.
Q-Claim	Amount of insurance payment including margin amount Q-Claim is automatically transferred to the user's wallet after touching P-Claim
Q-Refund	The period of the insurance contract. The shorter period, the greater R-Claim value that user receives (Limited 1 to 15 days).
Margin	The amount that the user spends to open the insurance contract Users can margin from 2% to 10% of the total asset value (Q-Cover)
Period	The term of the insurance contract depends on the Escrow and P-Claim
T-Open	Successful contract activation time
T-Close	Contract expiration time
Bull	Supporting when the market rises
Bear	Supporting when the market falls

Example: With the fear of BTC asset (27,719) will fall, users choose the BEAR insurance support (as shown):