B
Beanny
Member
Hi there
The notes mention
"Sometimes an exposure measure used in practice does not satisfy the ideal property of proportionality exactly. The exposure measure can then be used as a rating factor as well."
What is meant by this?
Also, in section 1.3 the notes mention that the term "average" means "damage or loss" in marine insurance. Could you please give an example of how this is used?
Thanks
The notes mention
"Sometimes an exposure measure used in practice does not satisfy the ideal property of proportionality exactly. The exposure measure can then be used as a rating factor as well."
What is meant by this?
Also, in section 1.3 the notes mention that the term "average" means "damage or loss" in marine insurance. Could you please give an example of how this is used?
Thanks