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Safeco Insurance is an American insurance company based in Seattle. A subsidiary of Liberty Mutual , Safeco provides auto insurance , homeowners insurance , and liability insurance . The company name is an acronym for S elective A uto and F ire E nsurance Co mpany of America, or SAFECO (i.e., S.A.F.E. Co.).
Total losses may be actual total loss or constructive. [11] If the policy is a "valued" policy (so that the ship or cargo has an "agreed value" rather than a "market value"), then, in the absence of fraud, the agreed value is conclusive, but only for an actual total loss. In a constructive total loss, the agreed value is not conclusive. [17]
Liberty Mutual agreed to acquire all outstanding shares of Safeco for $68.25 per share, for a total transaction price of approximately $6.2 billion. The result of this activity was an increase in revenue from $6 billion to over $30 billion in twelve years.
Ultimate loss amounts are necessary for determining an insurance company's carried reserves. They are also useful for determining adequate insurance premiums, when loss experience is used as a rating factor [4] [5] [6] Loss development factors are used in all triangular methods of loss reserving, [7] such as the chain-ladder method.
Stop-loss insurance is a form of reinsurance that insures self-funded plans and their assets. Due to the limited assets at the disposal of an average employer as compared to an insurance company , an employer could easily bankrupt itself if its employees incur a large number of high-dollar claims and the employer is unable to fund them all.
(By contrast an actual total loss describes the physical destruction of a vessel or cargo.):§79: deals with subrogation, i.e., the rights of the insurer to stand in the shoes of an indemnified insured and recover salvage for his own benefit. Schedule 1 of the Act contains a list of definitions; schedule 2 contains the model policy wording.
A Safeco spokesperson told the television station, “We cannot comment on an individual customer, but we have to understand the condition of the property, and satellite imagery is useful to ...
For insurance, the loss ratio is the ratio of total losses incurred (paid and reserved) in claims plus adjustment expenses divided by the total premiums earned. [1] For example, if an insurance company pays $60 in claims for every $100 in collected premiums, then its loss ratio is 60% with a profit ratio/gross margin of 40% or $40.