MetaGlossary.com: Loss Expectancy

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Keywords: Underwriter, Probable, Estimate, Peril, Maximum

Related Terms: Self Insurance, Recoup, Loss, Indemnity, Homeowners Insurance, Insurance, Occurrence, Fire Insurance, Underinsurance, Insurable Risk, Recovery, Deductible Clause, Retrospective Rating, Business Interruption Insurance, Coinsurance Clause, Homeowner's Insurance, Particular Average, All Risks, Direct Loss, Consequential Loss, Covered Loss, Loss Prevention, Loss Development, Excess Of Loss, Extra Expense Insurance, Business Interruption, Loss Of Use, Average Clause, Insured Peril, All Risk, Business Income Insurance, Named Perils, Actuaries, Experience, Burning Cost, Antiselection, Loss Reserve, Total Loss, Loss Constant, Constructive Total Loss, Probable Maximum Loss, Shock Loss, Stop Loss Reinsurance, Homeowner’S Insurance, All Risk Coverage, Loss Of Use Insurance, Loss Experience, All-Risk Insurance, Partial Loss

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The underwriterâ€™s calculation of probable maximum loss.

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Based on past experience, data, and statistics, an estimate is generated to predict the probable occurrence(s) of loss for a given period for either a specific insured or class of business.

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An underwriting estimate of the maximum loss possible.

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An insurer's estimate of the cost of claims that could arise from the peril insured against.

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An underwriter's estimate of the probable maximum loss to be suffered on an exposure being considered, with attention given to the expected level of loss prevention activities on the part of the insured.

http://kellyinsurance.com/glossary/general.l.glossary.html

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