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    UNIT POLICY Rating Workbook

    Uploaded by

    Je Lora
    The document outlines the components and calculations involved in determining a risk pure premium for an insurance policy. The risk pure premium is calculated as the sum of the firm premium, debt premium, and luxury unit premium. The firm premium takes into account factors such as the firm premium plan, chief composition, discounts and expenses. The debt premium depends on the debt range. And the luxury unit premium is calculated based on the luxury unit value and tariff. Various other factors are also defined such as shielding material factors, safety tool factors, crucial factors, and year of establishment factor.

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    UNIT POLICY Rating Workbook

    Uploaded by

    Je Lora
    15 views9 pages
    The document outlines the components and calculations involved in determining a risk pure premium for an insurance policy. The risk pure premium is calculated as the sum of the firm premium, debt premium, and luxury unit premium. The firm premium takes into account factors such as the firm premium plan, chief composition, discounts and expenses. The debt premium depends on the debt range. And the luxury unit premium is calculated based on the luxury unit value and tariff. Various other factors are also defined such as shielding material factors, safety tool factors, crucial factors, and year of establishment factor.

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    Original Title

    UNIT POLICY Rating Workbook (1)

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    The document outlines the components and calculations involved in determining a risk pure premium for an insurance policy. The risk pure premium is calculated as the sum of the firm premium, debt premium, and luxury unit premium. The firm premium takes into account factors such as the firm premium plan, chief composition, discounts and expenses. The debt premium depends on the debt range. And the luxury unit premium is calculated based on the luxury unit value and tariff. Various other factors are also defined such as shielding material factors, safety tool factors, crucial factors, and year of establishment factor.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    15 views9 pages

    UNIT POLICY Rating Workbook

    Uploaded by

    Je Lora
    The document outlines the components and calculations involved in determining a risk pure premium for an insurance policy. The risk pure premium is calculated as the sum of the firm premium, debt premium, and luxury unit premium. The firm premium takes into account factors such as the firm premium plan, chief composition, discounts and expenses. The debt premium depends on the debt range. And the luxury unit premium is calculated based on the luxury unit value and tariff. Various other factors are also defined such as shielding material factors, safety tool factors, crucial factors, and year of establishment factor.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 9

    Risk Pure Premium = Firm Premium

    + Debt Premium
    + Luxury Unit Premium
    Firm Premium =
    *
    -

    Firm Premium Plan =


    *

    Firm Key Premium =


    *

    Combined Discounts And Expenses =


    +

    Year Of Establishment Cost =


    *

    Safety Tools Cost =


    *

    Safety Tools Total Factor =


    +
    max
    +
    max
    Firm Premium Plan
    Chief Composition Factor
    Combined Discounts And Expenses

    Firm Key Premium


    Firm Crucial Factor

    Peril Premium Plan


    Peril Shielding Material Factor

    Year Of Establishment Cost


    Safety Tools Cost

    Firm Premium Plan


    Year Of Establishment Factor

    Firm Premium Plan


    Safety Tools Total Factor

    ((Safety Tools Raider Factor


    Safety Tools Fire Factor)
    (Safety Tools Combo Raider Fire Max Factor
    Safety Tools Hose Model Factor)
    Safety Tools Combo Raider Fire Hose Max Factor)
    Round to a whole dollar
    Round to a whole dollar

    Round the product to a whole dollar

    Round the product to a whole dollar


    Debt Premium = Debt Range Premium
    Luxury Unit Tariff = Luxury Unit Value
    / 100
    * Luxury Unit Tariff (Round to Dollar)
    Premium Plan Shielding Material Factors
    Shielding
    Pin Premium Plan Class
    35 998 1-6
    39 1259 7
    47 1153 8
    30 765 9
    10 1057 10
    5 565
    49 1051
    38 785 Safety Tool Factors
    46 904 Category
    44 689 ModelA
    ModelB
    RaiderAlarm
    0 (NO) FireAlarm
    1 (YES)

    Firm Values
    Plan OffsetRange MinimalRange MaximalRange
    UP 100000 70000 1000000
    Shielding Material Factors Chief Composition Factors

    Tile Granite Picker Factor


    1.18 1 0 (NO) 1
    1.65 1.06 1 (YES) 0.85
    1.65 1.06
    1.88 1.29 Debt Range Premium
    2.35 1.29 Indemnity Premium
    Debt 18

    Safety Tool Factors Crucial Factors


    Factor Range Factor
    0.04 25000 0.895
    0.07 500000 6.083
    0.03 1000* 0.036
    0.04

    Safety Tools Extremity


    Category Utmost Factor
    Raider/Fire 0.05
    BindingRange Raider/Fire/Hose 0.1
    500000
    Year Of Establishment Factor City vs Pin

    Duration (Years) Factor City Pin


    0 0.1 Bengaluru 35
    1 0.08 Delhi 39
    2 0.06 Hyderabad 47
    3 0.04 Mumbai 30
    4 0.02 Mangaluru 10
    5-29 0 Bhubaneswar 5
    30-34 -0.05 Kolkata 49
    35-39 -0.1 Pune 38
    40-44 -0.15 Chennai 46
    45-49 -0.2 Indore 44
    50> -0.25

    Luxury Unit Tariff


    Commodity PV Tariff NV Tariff
    Camera 1.65 1.57
    Coins 1.6 1.52
    FineArts 0.05 0.48
    Furs 0.4 0.38
    Guns 2 1.9
    Jewelry 1.65 1.57
    MusicalInstruments 0.65 0.62
    Stamps 0.76 0.57

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