Page 172 - Fire Insurance Ebook IC 57

Fire and Consequential Loss Insurance

Classification of Products as per File and Use Guidelines

A. Class rated products

i) Internal tariff rated Standard products that are sold

products: by offices of the insurer.

These have standard rates, terms and

conditions of cover, including choice
of deductible.

ii) Packaged or Products specially designed for an
customized Products: individual client or class of clients.
Scope of cover is designed based on
need of customer. Eg. Homeowner's
Comprehensive or Shopkeeper's
Comprehensive

B. Individual rated products

iii) Individual experience Products where the rates, terms and

rated products: conditions of cover are determined on

the basis of actual claims experience of
the insured concerned.
Eg. Group insurances for PA

iv) Exposure rated Products where the rates, terms and
products: conditions of cover are determined by
an evaluation of the exposure to loss
in respect of the risk concerned,

independent of the actual claims

experience of that risk. Typically, these

will be risks where the occurrence of a

loss is an uncommon event.
Eg. Earthquake risk

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