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Features if an Insurable Loss Exposure
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[QUOTE="Mataracy, post: 143758, member: 28733"] This features can be of different ways: (1) [B]Homogenous Exposure: [/B] Thr items in an insurance pool, or the exposure limits needs to be similar so that a fair premium can be calculated. The fire damage done done to brick home will ordinarily be less than that suffered by wooden homes. So it would be unfair to combine them in the same insurance pool and change each insured the same premium rate based on the combined losses of the pool. (2) [B]The occurrence of loss must be fortuitous:[/B] The losses suffered by the members of the pool must be accidental and beyond the control of the insured. Intentional losses are against public policy. The self- inflicted losses would certainly cause insurance payments yo be higher than would otherwise be the case. Thus for an insurance system to operate successfully, the losses it pays for must be accidental. Non- accidental or expected reductions in economic value, such as depreciation or wear and tear, are expenses and should not be ensured. (3) [B]Losses must be definite,measurable and of sufficient severity to cause economic hardship:[/B] This implies that the peril insured against must produce loss which can be quantified in money or material terms. Quantifiable or determinable losses constitute the basis of premium rating. (4) [B]The cost of insurance must be feasible or reasonable:[/B] As otherwise this becomes so prohibitive that no one can pay the premium. [INDENT](5) [B]This possible loss must not be catastrophic: [/B][/INDENT] [INDENT]This is because catastrophes are difficult to predict and therefore not acceptable to insurance.[/INDENT] [/QUOTE]
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Features if an Insurable Loss Exposure
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