Search results
Results from the WOW.Com Content Network
The insurance industry in North Carolina, for example, where Hurricane Helene caused catastrophic damage, is arguing for a homeowner premium increase of more than 42% on average, ranging from 4% ...
Rate making, or insurance pricing, is the determination of rates charged by insurance companies. The benefit of rate making is to ensure insurance companies are setting fair and adequate premiums given the competitive nature.
A risk pool is a form of risk management that is mostly practiced by insurance companies, which come together to form a pool to provide protection to insurance companies against catastrophic risks such as floods or earthquakes. The term is also used to describe the pooling of similar risks within the concept of insurance.
For instance, medical insurance companies ask a range of questions and may request medical or other reports on individuals who apply to buy insurance. The premium can be varied accordingly, and any unacceptably high-risk individuals are rejected (cf. pre-existing condition). This risk selection process is part of underwriting.
Hazard insurance usually refers to the part of your home insurance policy that covers your home’s physical structure. The term “hazard insurance” is more commonly used by mortgage companies ...
A peril, risk and hazard are all related, but have different meanings when speaking about insurance. A peril is the actual event that causes damage and loss A risk is the likelihood of a peril ...
Community rating, as a basis for premium calculation, is fundamentally different from the usual method of determining insurance premiums, i.e. risk rating. In a risk rated insurance market, an insurer calculates the premium payable by a potential policy holder in order to enter into an insurance contract on the basis of various factors particular to that individual, such as the risk of a claim ...
Searching for the right homeowners insurance policy can be confusing. There is insurance-specific terminology to master, for example. One phrase you may hear when you are talking to insurance ...