Buy an insurance policy
What is a policy holder ?
A policy holder is a participant who wants to hedge price loss.
How to buy (hold) a policy?
1. Click the 'Insurance'
2. Choose the type of assets you'd like to be protected.
3. Choose the type of policy ("Cover 50% Off" or "Cover Miss Out").
4. Check the best price premium and the max quantity you can buy. (There is always only one kind of policy for expiration date. ) type in the quantity, click Confirm button.
5. After clicking the buy button, it will activate MetaMask wallet to confirm the deal.
6. Once you buy the policy successfully, you will receive the LONG Token. The transaction will show up on BSCscan.
7. Visit Insurance tab and under “Policy You Hold”, it will list all the policies you bought. Verify that you received the correct LONG token by checking it with correct type of assets, policy price, premium, quantity, expiration date.
How to activate a policy?
Visit Insurance tab and check “Policy You Hold” , choose the policy you'd like to activate.
Verify you activate the policy at correct policy price.
Prepare enough quantity of underlying assets (≥ Quantity of policies you buy) in your wallet
Click "Activate" button and it will activate MateMask wallet to confirm the deal.
Your underlying assets will be sent to policy supplier and you will receive denominated assets by your wallet.
Q-A
What happens if I don't activate the policy when it expires?
-The LONG Token will remain in your wallet as a keepsake, and the contract will no longer support your activation request.
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