a large number of homogeneous exposures (in order for the deviation of actual losses from expected losses to approach zero, and thecreditability of the prediction to approach one).
loss must be definite in time and amount.
loss must be fortuitous. An insured cannot cause the loss to happen; it must be due to chance.
must not be an exposure to catastrophic loss; risks must be spread over a large geographical area to prevent their concentration, REINSURANCE often is used to spread potentially catastrophic risks.
premium must be reasonable in relation to the potential loss. In theory, one could even insure against a pencil point breaking, butthe premium would be much greater than any possible loss.
Written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, such as a medical report, ...
Stipulation that no claim will be paid until a loss exceeds a flat dollar amount or a given percentage of the amount of insurance in force. After the loss exceeds this dollar amount or ...
Amount of required capital that the insurance company must maintain based on the inherent risks in the insurer's operations. These risks include asset depreciation risk, credit receivables ...
Work-related accident. Occupational accidents that injure employees are the responsibility of the employer and are covered by workers compensation insurance. In recent years, the term ...
Low-cost life insurance sold by savings banks in the states of Connecticut, Massachusetts, and New York. SBLI is a popular source of life insurance in these states for two reasons: it is ...
Insurance will cover any homemade or custom-built system, but you will need to have proof of ownership of each of the individual parts within the computer to file a claim. ...
Commercial insurance is designed to help protect many of the risks your business can face, including: damage or destruction to your business vehicles, office equipment, and inventory. Loss ...
Long-term care refers to a broad range of medical and personal care services designed to assist individuals who have lost their ability to perform activities of daily living without ...
A life insurance policy can help enable your family to remain financially if you or your spouse should die. Insurance company understands that life is constantly changing, so we have ...
An HMO provides comprehensive health services to its members for a prepaid fixed fee, equivalent to an insurance premium. A PPO differs from an HMO in that the PPO has no separate physical ...
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