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2. Condition of average - Wikipedia

   en.wikipedia.org/wiki/Condition_of_average

   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.

3. NRMA - Wikipedia

   en.wikipedia.org/wiki/NRMA

   NRMA National Roads and Motorists' Association Formation 1920 Type Mutual company limited by guarantee. Headquarters Sydney Olympic Park, New South Wales, Australia Membership 2.8 million (2024) Key people Tim Trumper (Chairman) Rohan Lund (CEO) Revenue $750 million (2024) Website mynrma.com.au The NRMA (trading name of National Roads and Motorists' Association) is an Australian organisation ...

4. Builder's risk insurance - Wikipedia

   en.wikipedia.org/wiki/Builder's_risk_insurance

   Builder's risk insurance is "coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause." [2]

5. Hudson Formula - Wikipedia

   en.wikipedia.org/wiki/Hudson_Formula

   The Hudson Formula derives from Hudson's Building and Engineering Contracts and is used for the assessment of delay damages in construction claims.. The formula is: (Head Office overheads + profit percentage) ÷ 100 x contract sum ÷ period in weeks x delay in weeks

6. Loss reserving - Wikipedia

   en.wikipedia.org/wiki/Loss_reserving

   Loss reserving is the calculation of the required reserves for a tranche of insurance business, [1] including outstanding claims reserves.. Typically, the claims reserves represent the money which should be held by the insurer so as to be able to meet all future claims arising from policies currently in force and policies written in the past.

7. Insurance Australia Group - Wikipedia

   en.wikipedia.org/wiki/Insurance_Australia_Group

   The NRMA Insurance business demutualised in July 2000, separating from NRMA, with an issue of shares to NRMA members. NRMA Insurance Group Limited changed its name to Insurance Australia Group Limited on 15 January 2002, according to its website. IAG is an umbrella organization with numerous well known insurance brands it has acquired. [2]