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1446048
Risk evaluation
Description
Mind Map on Risk evaluation, created by Mari Gunnerud on 11/10/2014.
Mind Map by
Mari Gunnerud
, updated more than 1 year ago
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Created by
Mari Gunnerud
over 9 years ago
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Resource summary
Risk evaluation
On policy level:
n incidents during a certain time period
Total loss z = x_1+...+x_n,
where x_i denotes the loss of the i-th incident
On portfolio level:
N different claim sizes during a certain time period
Total portfolio loss Z = X_1+...+X_N,
where X_i denotes the total loss of the i-th type of claim
Compensations will differ according to the type of contract:
z = actual total replacement value, f(x)= actual compensation of the each loss:
z = f(x_1)+...+f(x_n)
Given the i-th loss x_i, the contract f(x_i) determines the i-th compensation.
Can now include the possibility of e.g. only covering losses x_i within a certain range, say [y,y+b], for y,b > 0:
f(x_i) = 0 if x_i < y
f(x_i) = x_i - y, if y < x_i < y+b
f(x_i) = b, if x_i > y+b
where y denotes a certain deductible
(Reinsurance can be arranged in a similar way)
The insurance company is not necessarily obliged to cover the whole loss of the policy holder!
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