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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