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Automobile Insurance - Actuarial Models (Paperback, Softcover reprint of hardcover 1st ed. 1985)
Loot Price: R4,220
Discovery Miles 42 200
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Automobile Insurance - Actuarial Models (Paperback, Softcover reprint of hardcover 1st ed. 1985)
Series: Huebner International Series on Risk, Insurance and Economic Security, 4
Expected to ship within 10 - 15 working days
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The mathematical theory of non-life insurance developed much later
than the theory of life insurance. The problems that occur in the
former field are far more intricate for several reasons: 1. In the
field oflife insurance, the company usually has to pay a claim on
the policy only once: the insured dies or the policy matures only
once. It is with only a few particular types of policy (for
instance, sickness insurance, when the insured starts working again
after a period of sickness) that a valid claim can be made on a
number of different occasions. On the other hand, the general rule
in non-life insurance is that the policyholder is liable to be the
victim of several losses (in automobile insurance, of course, but
also in burglary and fire insurance, householders' comprehensive
insurance, and so on). 2. In the field of life insurance, the
amount to be paid by the company excluding any bonuses-is
determined at the inception of the policy. For the various types of
life insurance contracts, the sum payable on death or at maturity
of the policy is known in advance. In the field of non-life
insurance, the amount of a loss is a random variable: the cost of
an automobile crash, the partial or totalloss of a building as a
result of fire, the number and nature of injuries, and so forth."
General
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