Valuation Of Loss
Method of setting a dollar value on loss suffered by an insured. In some cases, a loss is straightforward, such as the cost of gallbladder surgery. But with burglary of a home or a traffic accident that damages a car, the amount of loss is open to interpretation. In many cases, the insured needs receipts, appraisal documents, or other evidence of value. In other cases, a claim adjuster values the loss and determines how much the insurer will pay.
Popular Insurance Terms
Property damage, accident, or injury resulting from vagaries of nature, including tornadoes, hurricanes, and floods. ...
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Insurance company's total premium income plus investment income. ...
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Amount of uncertainty in a given situation. Probability that actual experience will be different from what is expected. ...
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