Calculable Loss
There are two elements that must be at least estimatable, if not formally calculable, the probability of loss and the attendant cost.
Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.
Insurance Books
Insurance News
- Do I tell insurers about cancelled policies? 1 Sep 2010
I had a policy cancelled by Saga because of an error in my document wording - do I have to disclose this to new insurers? - Insurer aims to protect at risk home owners 23 Aug 2010
A new home insurance service was launched today which aims to provide cover for the 15% of people who are often rejected by other insurers… - How we snared crash insurance fraudsters 21 Aug 2010
A journey from hospital saw pensioners Alma and Eric Gallanders become one of 700 victims of one of Britain’s biggest insurance frauds… - Pet owners ditch vet insurance as costs soar 18 Aug 2010
The cost of pet insurance has rocketed by 28% in just two years, forcing many households to abandon protection for their beloved cats and dogs…
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