Incomplete insurance
Description of the type of insurance, example and formula
Incomplete insurance is insurance in which the amount insured is less than the insured value (fair market value). Upon the occurrence of an insured event, the amount of compensation is equal to a share of the amount of the insured amount of the insured value.
Example:
A person insures an apartment worth 100,000,000 UZS (insured value) for a maximum compensation amount of 50,000,000 UZS (insured amount). That is, the apartment is insured for 50% of the fair market value. If the apartment is flooded (or any other insured event has occurred), which led to losses of 20,000,000 UZS, the Insurer will indemnify the policyholder for 10,000,000 UZS. The amount of compensation is calculated according to the following formula:
W = U / S x SS, where:
W is the compensation;
U is the amount of damage;
S is the insured value;
SS- the insured amount determined by the terms of the insurance contract.
Другие
Incomplete insurance
Description of the type of insurance, example and formula
Incomplete insurance is insurance in which the amount insured is less than the insured value (fair market value). Upon the occurrence of an insured event, the amount of compensation is equal to a share of the amount of the insured amount of the insured value.
What clauses of the agreement should you pay attention to?
Three sections in contracts that the client should pay attention to:
The difference between voluntary and compulsory insurance
Let us explain the difference between the two types in simple words
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