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A Problem in Fire Insurance—To apportion a given Loss on Property insured by Specific Policies

Published online by Cambridge University Press:  18 August 2016

Thomas Miller Esq.
Thomas Miller Esq.*
Affiliation:
Scottish Union Insurance Society, London
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Extract

A Specific Policy is one which insures stated sums on particular risks, and guarantees the assured against any loss thereon within the limits of the amounts insured. It differs from anAverage or Floating Policy in several respects—the latter, amongst other privileges, having only to bear a share of any loss compared with the whole loss, similar to the proportion which the amount it insures bears to the whole value of the property insured at the time of the fire.

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 6 , Issue 4 , July 1856 , pp. 202 - 211
Copyright
Copyright © Institute and Faculty of Actuaries 1855

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