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Business

Business(Premium calculation and estimating compensation)

QuestionAnswer
How would you calculate premium? Basic premium add loadings less deductions = total premium
Who is the actuary? The insurance person who calculates the premium to be paid
What is a policy document? An insurance document that gives full detail of the cover being given
Who is the assessor? The person who calculates the compensation to be paid
What is the principal of indemnity? Applies to the payment of compensation and states that the insured cannot gain from making an insurance claim
What is the principal of contribution? Applies to the payment of compensation and states that if a risk is insured by two or more insurance companies,any compensation payable will be shared between the insurance companies
What is the principal of subrogation? Applies to the payment of compensation and passes the legal right of the insured to try and recover any loss suffered over the insurer
What is underinsurance(average clause)? If something is not insured for its full market value, the n the compensation paid in the event of partial loss is scaled down accordingly
What is excess clause? Where the insured,in return for a reduction in the premium, agrees to pay the first part of any loss
Created by: Chimozukee
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