What is the Definition of Severity?

What is the Definition of Severity?

Size of a loss. One of the criteria used in calculating  premiums  rates.

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 Annuity?

What is the Definition of Severity?

You can find random definition and meaning of insurance terms below:

What is the meaning of Rebate

a refund of part or all of a premium payment.

What is the meaning of Reinsurance

a transaction between a primary insurer and another licensed (re) insurer where the reinsurer agrees to cover all or part of the losses and/or loss adjustment expenses of the primary insurer. The assumption is in exchange for a premium. Indemnification is on a proportional or non-proportional basis.

What is the meaning of Reinsurer

company assuming reinsurance risk.

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