What is the Definition of Catastrophe?

What is the Definition of Catastrophe?

Term used for statistical recording purposes to refer to a single incident or a series of closely related incidents causing severe insured property losses totaling more than a given amount, currently $25 million.

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?

What is the Definition of Catastrophe?

Check out other definition of insurance terms below:

What is the Meaning of FARMOWNERS-RANCHOWNERS INSURANCE In Insurance Terms?

Package policy that protects the policyholder against named perils and liabilities and usually covers homes and their contents, along with barns, stables and other structures.

What is the Meaning of FEDERAL FUNDS In Insurance Terms?

Reserve balances that depository institutions lend each other, usually on an overnight basis. In addition, Federal funds include certain other kinds of borrowing by depository institutions from each other and from federal agencies.

What is the Meaning of FEDERAL INSURANCE ADMINISTRATION/FIA In Insurance Terms?

Federal agency in charge of administering the National Flood Insurance Program. It does not regulate the insurance industry.

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