Peer-to-Peer Insurance is a model where individuals come together to pool their resources and share risks. Instead of paying premiums to a traditional insurance company, members contribute to a collective fund. This fund is used to cover claims made by any member, promoting a sense of community and shared responsibility. In this system, members often have more control over their insurance experience. They can set rules for the group, decide how funds are used, and even receive refunds if there are leftover funds at the end of a coverage period. This approach can lead to lower costs and increased transparency compared to conventional insurance models.