Schrödinger’s cat inhabits a thought-experiment designed to reveal the paradox of quantum properties. A hypothetical cat is sealed in a windowless box, in which there is a device that will administer a lethal poison, according to whether a single atom undergoes radioactive decay. Should the atom decay the cat will be dead. If the atom survives so will the cat. Only the quantum state of the atom is completely unknowable. So, the cat — in principle at least, is half dead and half alive. The simultaneous state of being both alive and dead is called a “superposition”.
While quantum behavior is not an average insurance coverage, (at least until future quantum computer cyber cover emerges), there are situations in the world of risk modeling that come close to Schrödinger’s cat — or perhaps that should better be Schrödinger’s “Cat” (short for Catastrophe)?