Application
Parametric insurance is ideal for low frequency but high intensity losses as in catastophic perils, weather related risks in agriculture or other economic activities, and risks sought to be covered without sufficient history of losses captured as insurance readable data.
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Famous quotes containing the word application:
“Most people, no doubt, when they espouse human rights, make their own mental reservations about the proper application of the word “human.””
—Suzanne Lafollette (1893–1983)
““Five o’clock tea” is a phrase our “rude forefathers,” even of the last generation, would scarcely have understood, so completely is it a thing of to-day; and yet, so rapid is the March of the Mind, it has already risen into a national institution, and rivals, in its universal application to all ranks and ages, and as a specific for “all the ills that flesh is heir to,” the glorious Magna Charta.”
—Lewis Carroll [Charles Lutwidge Dodgson] (1832–1898)
“The receipt to make a speaker, and an applauded one too, is short and easy.—Take of common sense quantum sufficit, add a little application to the rules and orders of the House, throw obvious thoughts in a new light, and make up the whole with a large quantity of purity, correctness, and elegancy of style.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)