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Actuarial reinsurance premium calculation uses the similar mathematical tools as actuarial insurance premium. Nevertheless, Catastrophe modeling , Systematic risk or risk aggregation statistics tools are more important.
In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless".
An increased limit factor (ILF) at limit L relative to basic limit B can be defined as = + + + + + + ()where ALAE is the allocated loss adjustment expense provision, ULAE is the unallocated loss adjustment expense provision, and RL is the risk load provision.
The two methods yield identical results (assuming bases are the same for both prospective and retrospective calculations). As an example, consider a whole life insurance policy of one dollar issued on (x) with yearly premiums paid at the start of the year and death benefit paid at the end of the year.
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.
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If insufficient coverage is purchased to rebuild the home, the insured may have to pay substantial uninsured costs out of their own pocket. In 2013, a survey found that about 60% of homes have replacement cost estimates which are too low by an estimated 17 percent. [6]
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