What is the Definition of Catastrophe Model?
Using computers, a method to mesh longterm disaster information with current demographic, building and other data to determine the potential cost of natural disasters and other catastrophic losses for a given geographic area.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Insurance?
What is the Definition of Catastrophe Model?
Check out other definition of insurance terms below:
What is the Meaning of EXCESS AND SURPLUS LINES In Insurance Terms?
Property/casualty coverage that isn’t available from insurers licensed by the state (called admitted insurers) and must be purchased from a nonadmitted carrier.
What is the Meaning of EXCESS OF LOSS REINSURANCE In Insurance Terms?
A contract between an insurer and a reinsurer, whereby the insurer agrees to pay a specified portion of a claim and the reinsurer to pay all or a part of the claim above that amount.
What is the Meaning of EXCLUSION In Insurance Terms?
A provision in an insurance policy that eliminates coverage for certain risks, people, property classes, or locations.
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