I will focus on two types of insurance. For the first type, we're basically talking about money management, which I would consider to no "real" insurance. You can see that the insurance company receives money (premium) before it knows how much it will have to pay to anyone. How does the business work (financially)? Let's assume we're talking about a company that wrote the contract with annual guarantee - that is, the client pays a premium for protection against accidents that occurred during the 12 months ahead . To simplify the problem , I would assume the premium paid on 1 -Jan - but you can keep the same principles of pro rata temporis for the fraction of a year. We face two problems: How soon will a claim for the contract is filled ? When will the payment be done ? In the case of multiple payment , how much and how long ? This is where we introduce the concep
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