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You are speaking to your insurance company: Your insurance policy number allows your carrier to quickly locate the details of your policy. You will likely need your policy number when contacting ...
A credit-based insurance score is important because insurance companies use it to determine the likelihood that you will file an insurance claim, which impacts your auto insurance premium in most ...
In most states, your credit score can be used to calculate your car insurance premium. And insurers are taking advantage of that, with 92% of carriers adding your credit score to their insurance ...
A non-penalty method of calculating the return premium of a canceled policy. A return premium factor is calculated by taking the number of days remaining in the policy period divided by the number of total days of the policy. This factor is multiplied by the written premium to arrive with the return premium. [3]
The problem is then to devise a way of combining the experience of the group with the experience of the individual risk to calculate the premium better. Credibility theory provides a solution to this problem. For actuaries, it is important to know credibility theory in order to calculate a premium for a group of insurance contracts. The goal is ...
Illustration of the partial payout of Sum Insured against probability of occurrence. Condition of average (also called underinsurance [1] in the U.S., or principle of average, [2] subject to average, [3] or pro rata condition of average [4] in Commonwealth countries) is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured.
Adjust for tax or insurance purposes: Depending on why you’re calculating the value of your personal property, you may need to adjust the total value. For insurance purposes, you may want to ...
In the insurance context an actuarial reserve is the present value of the future cash flows of an insurance policy and the total liability of the insurer is the sum of the actuarial reserves for every individual policy. Regulated insurers are required to keep offsetting assets to pay off this future liability.