InsuranceCatastrophe model Cost of risk Protection and Indemnity (P&I) clause Frequency reduction Incontestability clause Intestate
Pro-rata clause
The prorata clause, a common insurance term, establishes an agreement among insurers to evenly distribute losses based on the proportion of their coverage to the total coverage. This means that if multiple insurers are covering a risk, each will be responsible for a portion of any losses based on their specific coverage. This clause ensures fair distribution of risks and helps protect insurers from bearing the full burden of a loss.
Related terms
Understand the meaning and definition of Catastrophe model in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Cost of risk in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Protection and Indemnity (P&I) clause in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Frequency reduction in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Incontestability clause in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Intestate in the context of stock market, trading, and investments.
MOREExplore other categories
4.4 Cr+DOWNLOADS
Enjoy Zero Brokerage On Stock Investments
Get the link to download the App
