How does a deductible work? Exam P Concepts
Vložit
- čas přidán 11. 09. 2024
- Confused on how a deductible actually works? When you've never had exposure to it in real life, the concept can be a bit difficult to grasp.
In this video, I explain exactly how a deductible works on an insurance company and I run through sample problem 40 from the SOA that shows how you can apply what you've learned to actual questions on exam day.
Make sure to always read questions carefully so that you know whether they question is talking about a loss or an insurance payment (aka insurance reimbursement).
Want help passing Exam P?
I have a study strategy program where I show you step-by-step how to study for and pass your exam, as well as answer all your questions along the way.
etchedactuaria...
This presentation was as a result of questions I got from Exam P members that are already taking advantage of the program! Come join us today and pass with us!
Brea
omg thank you so much for making this video!!!! I was so confused about this deductible concept and now I understand it A LOT BETTER!!! Thank you soooooo much again!!!!
So glad to hear that!!
I’m not taking Exam P. I’m just in a college math class and you just explained this PERFECTLY. Thank you so much, I actually understand!
You're welcome!
Great work..!!! Hope to see some more related videos. Keep it up👍👍👍
Thanks. That helps a lot.
You're welcome! Glad to here that it helped!
thank you. I have Exam P on 17th March.
Good luck!
How it went?
so... B) .3, right?
Me 2 😂😂
Hi, I would like to be informed regarding a specific commercial loss.
Let's think there is a theft loss valued USD500k and the dedcutible rate is USD50k. Also the policy limit for each and every theft loss is USD250k.
What would be paid in this case? USD200k or USD250k?
I'd assume that 250USD would be paid. I believe the policy limit usually refers to the maximum amount that will be paid, not the maximum amount of the claim.