Under-insurance renouncement is a term from the range of the insurances against material damage.

Normally the insured sum specified in the insurance policy must correspond to the insured value, thus that actual value of the insured articles. If the insured sum is larger than the insured value, then an over-insurance exists. That leads to a superelevated premium payment to the insurer.

However if the insured sum is smaller than the insured value, then one speaks of an under-insurance. The under-insurance has the consequence that in the case of damage the remuneration of the insurance is only proportionately computed. The formula for the remuneration reads:

Remuneration = damage * insured sum/insured value

Perhaps with certain types of insurance insurer grants an under-insurance renouncement. This renouncement means that the insurer in the case of damage does without it, to examine a possible under-insurance.

Often the insurance does during the private household insurance without this examination, if e.g. per m floor space a certain amount is put as insured value to reason.

Articles in category "Under-insurance renouncement"

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