GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
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14:08 Nov 1, 2008 |
Dutch to English translations [PRO] Bus/Financial - Insurance / Insurance schemes | |||||||
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| Selected response from: jarry (X) South Africa Local time: 14:31 | ||||||
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Summary of answers provided | ||||
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4 +4 | the chance of loss |
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the chance of loss Explanation: Insurable Risk Ideal requirements of insurable risk: * There must be a large number of exposure units * The loss must be accidental and unintentional * The loss must be determinable and measurable * The loss should not be catastrophic * The chance of loss must be calculable * The premium must be economically feasible http://74.125.95.104/search?q=cache:bbg0AhA691gJ:www.aon.com... -------------------------------------------------- Note added at 46 mins (2008-11-01 14:54:55 GMT) -------------------------------------------------- Law of Large Numbers. The foundation upon which insurance rests is the law of large numbers, also known as the law of averages. Experience has shown that a certain number out of a given group of properties will probably be destroyed by fire and other perils. The larger the group of individual properties exposed to the chance of loss, the greater the accuracy with which the approximate number of future losses can be predicted. http://216.70.126.67/library/?p=282 # Insurance 1. the chance of loss 2. the degree of probability of loss 3. the amount of possible loss to the insuring company 4. a person or thing with reference to the risk involved in providing insurance 5. the type of loss that a policy covers, as fire, storm, etc. http://www.yourdictionary.com/risk |
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