Assurable, in the context of insurance and finance, refers to something that can be insured or guaranteed against loss, damage, or risk. It signifies that an insurance company considers the subject or person to be insurable, meaning they meet the criteria for coverage based on their risk profile. The degree of assuarability depends on multiple factors. These include the probability of the event occurring and the potential financial impact. Underwriters meticulously evaluate these aspects. The assessment will lead to establishing premium rates, and the insurance company's willingness to provide a policy.
Assurable meaning with examples
- The homeowner's property was deemed assurable, allowing them to secure a comprehensive insurance policy against fire, theft, and natural disasters. They diligently provided all the required information about the property and risks. The underwriter found them qualified for cover. The premium was set accordingly. This protection brought peace of mind.
- Despite a history of pre-existing health conditions, the individual proved assurable through a high-risk insurance pool. The insurance was expensive. After a thorough examination, the insurance company agreed to cover the individual. The policy helped them, and their family would be financially secured in case of medical emergencies. Their courage and diligence gave them assurance.
- The construction company’s project was assurable by multiple specialist underwriters, given its strict adherence to safety regulations. This allowed the company to secure insurance coverage. They demonstrated meticulous project management and mitigation of all potential risks. This financial security allowed them to continue. The project had full backing.
- After implementing improved security measures, the business was assurable for cyber security coverage. This helped to mitigate the risk of data breaches. The company showed commitment and willingness. The investment paid off by reducing risk and improved its chances of business success. It brought in some insurance support and created peace.
- The rare piece of art, valued at millions, was readily assurable due to its provenance and secure storage, although the premiums were very high. The artwork was an important piece, and the owners took care of the artwork. The coverage ensured financial protection against damage. The insurance allowed its safe display and enjoyment.