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- An RTBF requires insurance to be offered without considering all relevant risk factors. This jeopardises insurance provision as it decouples pricing and benefits from the risk taken on by insurers.
www.insuranceeurope.eu/publications/2704/risk-based-underwriting-faqs-on-the-right-to-be-forgotten/download/RTBF FAQs.pdfRisk-based underwriting - Frequently asked questions on the ...
A measure of the profitability of an insurer’s day-to-day underwriting activity. It is the ratio of claim-related losses (net of reinsurance) and expenses to earned premiums (net of reinsurance). Expense ratio is a measure of the level of expenses associated with underwriting activity.
Under strict European data protection rules, the “Right to be forgotten” (RTBF) is a term describing an individual’s right to ask organisations to delete their personal data. This term has been used with reference to companies collecting data on individuals’ consumer behaviour, mostly via the internet.
Mar 10, 2020 · Can't make heads or tails of your insurance statement? Check this list of abbreviations for health and automobile insurance claims, policies, and providers.
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- Premiums. When you purchase an insurance policy, you'll be required to make regular payments, known as premiums. These payments are typically made monthly or annually and are the cost of maintaining your insurance coverage.
- Deductible. Think of a deductible as the money you have to shell out from your own pocket before your insurance kicks in to help cover your expenses. It's like the upfront cost you need to cover before your insurance really starts working for you.For example, if you have a $500 deductible and make a claim for $1,000, you'll need to pay $500, and your insurer will cover the remaining $500.
- Policyholder. The policyholder is the person who owns an insurance policy. This individual is responsible for paying premiums and making claims under the policy.
- Coverage Limit. Every insurance policy has a coverage limit, which is the maximum amount your insurer will pay out for a covered claim. It's crucial to understand your policy's limits to ensure you have adequate coverage.
Insurance abbreviations refer to shortened form of words or phrases that are commonly used in insurance or reinsurance industry. As we all know, insurance is a critical component of modern life, providing financial protection against various risks.
This glossary provides insurance terms definition and explanation commonly used in insurance business world. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies.
