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A loss run is a document that records the history of claims made against a commercial insurance policy. It is analogous to a credit report. A loss run report will include information including the date of the claim, the amount paid, and a description of the event. Generally, a loss run will record 5 years of history. [1]
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.
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury.
It is primarily used in the property and casualty [5] [9] and health insurance [2] fields. Generally considered a blend of the chain-ladder and expected claims loss reserving methods, [2] [8] [10] the Bornhuetter–Ferguson method uses both reported or paid losses as well as an a priori expected loss ratio to arrive at an ultimate loss estimate.
Job loss insurance is a type of supplemental unemployment insurance that provides additional income in the event of a layoff. It could also provide coverage due to business closing, job ...
A silent run occurs when the implicit fiscal deficit from a government's unbooked loss exposure [clarification needed] to zombie banks is large enough to deter depositors of those banks. As more depositors and investors begin to doubt whether a government can support a country's banking system, the silent run on the system can gather steam ...
Several types of car insurance, including uninsured motorist coverage and collision insurance, may help pay for hit-and-run costs. Perhaps one of the most frightening types of accidents is a hit ...
Opting to carry only liability insurance may be budget-friendly, but it can have consequences if you’re involved in a hit-and-run. Speaking to an insurance broker to determine what type of ...