Absorbing of small losses instead of claiming insurace is called
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Explanation:
COINSURANCE: In property insurance, requires the policyholder to carry insurance equal to a specified percentage of the value of property to receive full payment on a loss.
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Absorbing of small losses instead of claiming insurance is called Loss of Insurance.
Explanation:
- A loss is the injury or damage incurred by the insured in corollary of the happening of one or more of the incidents or mishaps against which the insurer, in evaluation of the premium, has conducted to reimburse the insured.
- Regulation for insurance loss is a series of risk management techniques intended to reduce the likelihood of insurance claims being made.
- Policyholders can benefit from lowered rates from risk reduction schemes, while insurers can reduce their profits by paying on claims.
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