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Chapter 14

Insurance Premiums and Claims

QuestionAnswer
Actuary The person who calculates the premium for the insurance company.
Assessor The person sent by the insurance company to inspect the damage and to calculate how much compensation should be paid to the person who has suffered a loss.
Loading An amount added by the insurance company to your insurance premium because there is a greater likelihood of a loss occurring.
Over-insurance When a person insures their item for more then it's worth to receive higher compensation.
Under-insurance When a person insures their item for less than it's worth to receive a lower premium.
Average clause To calculate how much money will be paid to the insured person. The formula is as follows: amount item is insured for divided by current value of the item multiply by the loss suffered.
Created by: jdunnestmarks
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