Is P2P Insurance just cost sharing?

Cost sharing is an alternative to insurance in the US. So how does is work?

1. Primarily for medical costs 
2. Members commit to pay a certain amount each month towards any medical expenses that members in their group may have. 
3. The cost sharing organizations streamline members' donations and make sure they make it to other members who are in need that month. 
4. Members are generally required to examine costs prior to making health care decisions which keeps costs low.
5. Because this is not insurance, there is no guarantee that medical bills will be paid. 
6. There are rules or guidelines that provide for what types of expenses the membership will share and what types are not approved for sharing. 
7. The member base is sufficiently large that the fact that there is no guarantee is largely legal semantics.
8. Members who have common ethical or religious beliefs

But what about 'P2P Insurance'^ like PeerCover:

1. Primarily for car insurance but able to be adapted to other risks (pet, phone, health, house etc)
   
2. Members deposit monies which may pay for costs that members in their group may have
   
3. PeerCover streamline members' deposits and payment to other members who have claims
   
4. Members are expected to only claim for reasonable expenses as the group can vote down the payment (by majority only)
5. There is no guarantee that claims will be paid
6. There are rules around the maximum payment*
7. The member base is small but so are the risks taken (insurance excess or gaps in insurance cover) so the fact that there is no guarantee is not a big issue
8. Members who have common beliefs i.e. transparency will lead to better outcomes, no claim means no costs, fairness over fine print

^ P2P Insurance has different interpretations, some have no deposits but can call on members to fund losses, others use insurers to redistribute premium - not just to pay claims, expenses and profit but also to pay claims experience discounts.

* the smaller of member net loss after insurance, 3x the members deposit, the total of the PeerGroup deposits less the $100 claims administration fee