Standard Fire Policy Analysis
Definition of "Standard fire policy analysis"
Method of rating that compares property to be insured to a standard and adjusts the rate for deviations from the standard. A standard building is situated in a standard city of specific construction with specified fire protection. Other risks are compared to the standard and given credits or debits if they are a better or worse risk.
Popular Insurance Terms
Actuarial equivalent method of calculating the premium rate through the development of the following equation: probability that the event insured against occurs x face amount of policy x ...
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Initial premiums on all insurance policies in force (those policies that have not been cancelled or expired). ...
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