What is the formula to calculate insurance?

InsuNews May 23, 2022

What is the formula to calculate insurance?

The premium for OD cover is calculated as a percentage of IDV as decided by the Indian Motor Tariff. Thus, formula to calculate OD premium amount is: Own Damage premium = IDV X [Premium Rate (decided by insurer)] + [Add-Ons (eg. Jun 26, 2020

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