Pure premium definition
Pure premium means the loss cost per unit of exposure excluding all loss adjustment expenses;
Pure premium means the loss cost per unit of exposure excluding all loss adjustment expenses[is the loss cost per unit of exposure plus the loss adjustment expense directly allocated to the settlement of specific losses].
Pure premium means the amount of losses per exposure, including allocated loss adjustment defense and cost containment expenses.
More Definitions of Pure premium
Pure premium means the average cost of covering a specified risk in the past, to the exclusion of any adminis- trative or commercial costs or fiscal or parafiscal contributions, and not taking into account revenues from investments nor anticipated profits.
Pure premium means that part of the premium which is sufficient to pay losses and loss adjustment expenses only.
Pure premium means: the cost base for the insurance cover that the policyholder is required to pay as consideration for the technical risk accepted by undertakings;
Pure premium means that part of the premium which is sufficient to
Pure premium. : means the basic insurance cost that the contracting party is required to pay as consideration for the technical risk assumed by insurance undertakings;