What circumstances would ratemaking require external data

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Reference no: EM132306100

Risk management

1. The insurance industry requires that ratemaking should provide for all costs so that the insurance system is financially sound. Under what circumstances would ratemaking require external data rather than or in addition to data the insurance company has developed?

2. When a homeowner experiences a major casualty loss at her home (such as a major pipe burst or a large fire) it may be beneficial to hire a public insurance adjuster to assist in the insurance claim process. Explain the benefits and costs that are encountered when using a public insurance adjuster.

Reference no: EM132306100

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