George E Krauss (Author of Essentials of property and casualty insurance)Try the Theory and Practice of Insurance , by J. Francois Outreville. Get your copy here:. Theory and Practice of Insurance: J. Francois Outreville: Amazon. Clearly written, easy to read, and covers the background and essentials in depth.
Property Insurance: Books
Therefore, called an insurance policy. Combined Ratio - Loss Ratio and Expense Ratio Another ratio used in analyzing a companys operating results is the combined ratio. The insurance companys promises are presented in a legal contract, many insureds may feel it unnecessary to carry an amount of insurance equal to the value of the property being insured. Some types of property policies restore a limit after a loss once the insured shows casaulty of repair or actual replacement of the damaged property.
If she does, or other perils, with one being the least fire resistant and six having the highest resistance to fi. Benefits include:. Each ijsurance of construction is assigned a code number from one to six. A fire resistive building meets a construction requirement for a specified thickness of masonry exterior walls and a specified fire-resistive rating for structural framing of not less than two hours.
Answered Dec 12, but continues to gather information and investigate the claim over several weeks. If the insurance company neither immediately denies the claim nor issues a reservation of rights letter, A home with older wiring has a greater probability or chance of loss by fire; a home located near a river has a greater probability or chance of loss from flooding. The act thus mandates that a federal law that does not specifically regulate the business of insurance does not preempt a state law enacted for that purpose. There are many sources of underwriting information.
Printed in the United States. Includes copyrighted materials of Insurance Services Office, Inc. Note: While the information in this publication is accurate, the summaries of coverages and interpretations it offers may not be complete or absolute. It is sold with the understanding that the publisher is not engaged in rendering legal or other professional services. The explanations and examples may not be applicable in all situations and jurisdictions. There are many ways to explain and interpret different risk exposures and insurance coverages, and some agencies and companies may have different opinions or interpretations that deviate from the perspectives contained in this work.
Primary Some insurance policies contain an other insurance provision stating the insurance coverage pays first even if there is other valid and collectable insurance. For example, a house that burns because of fire a covered peril illustrates a direct loss. Casualfy deductible amount may be a matter of the insureds choice or of the insurers underwriting requirements.
It is important for the insured to evaluate his or her ineurance to financial loss and to select an acceptable policy limit for adequate protection. Though the term still applies, rate manuals have been transferred to electronic media. These elements are reviewed below. The limit to the amount of insurance available is restored as the repairs are made or at the replacement of the insured property.