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Insurance Cal

Premium & Compensation Calculations

TermDefinition
Total Premium Basic premium + Loadings-reductions.
Loading An amount added to your premium because the insured company there is an greater risk of loss occurring.
Compensation Is the amount paid to you by the insurance company to help replace or repair the damages that were damaged or stolen.
Over insured When the item was insured for more than it was worth.
Under insured When the item insured was insured was less than what it was worth.
Average Clause The formula used when an item is under insured and compensation needs to be paid out.
Formula for Average Clause Amount item insured for What the item is worth X loss suffered
Claim form Form to be filled in by the insured when loss/damage has happened and they are looking for compensation.
Ways to reduce risk Install an alarm, drive carefully, don't smoke, take exercise,have a car alarm.
Reasons why premium go up Previous claim, item has gone up in value,risk has increased, different type of insurance sought and insurance company's costs have gone up.
Created by: Mary Mc
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