Chapter 14 - Insurance Premiums and Claims☀️ Flashcards
1
Q
What is an assessor?
A
The person sent by the insurance company to inspect the damage and to calculate how much compensation should be paid the the person who suffered the loss.
2
Q
What is the formula for average clause?
A
Compensation = sum insured x loss
value
3
Q
What is an actuary?
A
The person who calculates the premium for the insurance company
