Occupancy And Fire Rates
Direct relationship between the use to which a building is put and the likelihood that it will catch on fire. Occupancy is one of the most important factors in setting fire insurance rates. For example, a building that houses an explosives manufacturer is at much greater risk than one occupied by a jewelry boutique. Other factors that influence the risk of fire are geographical location, construction, nature of the neighborhood, and the adequacy of protective devices.
Popular Insurance Terms
Excess coverage for employers who use self insurance for routine workers compensation risks. Many employers consider workers compensation exposure to be routine and predictable and set up a ...
Same as term Expected Loss: probability of loss upon which a basic premium rate is calculated. ...
System whereby the re insurer shares losses in the same proportion as it shares premium and policy amounts. Proportional reinsurance may be divided into the two basic forms: automatic ...
interconnection of computers that contain pages classified into groups called web sites that can be accessed over the internet. The only requirement for visiting a web site is to have ...
Calculation of the premium based on such factors as the applicant's age, sex, health record, family history, and type of insurance plan applied for. ...
Program enacted in 1965 under Title XVIII of the Social Security Amendments of 1965 to provide medical benefits to those 65 and over. The program has two parts: Part A, Hospital Insurance, ...
Form that reports the status and activity of retirement plans to the Internal Revenue Service (IRS). The IRS uses this form to determine whether a retirement plan is in compliance with all ...
Amount of loss that insured pays in a claim; includes the following types: Absolute dollar amount. Amount the insured must pay before the company will pay, up to the limits of the policy. ...
Failure to act with the legally required degree of care for others, resulting in harm to them. ...
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