March 2016
Intermediate to advanced
700 pages
144h 54m
English
Content preview from Principles of Risk Management and Insurance, 13th EditionBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Rating and Rate making
Rate making refers to the pricing of insurance and the calculation of insurance premiums. The premium paid by the insured is the result of multiplying a rate determined by actuaries by the number of exposure units, and then adjusting the premium by various rating factors (a process called rating). A rate is the price per unit of insurance. An exposure unit is the unit of measurement used in insurance pricing, which varies by line of insurance. For example, when you buy gas for your car, the rate per gallon multiplied by the number of gallons purchased equals the amount paid. Likewise, in property and casualty insurance, the rate times the number of exposure units determines the premium paid. Rate making in property and ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.