What is a catastrophe model? by Oasis.
The scope of protection provided under a contract of insurance; any of several risks covered by a policy. It can be defined as buildings, contents, business interruption (BI) or time element coverage, other.
- A site, comprises a group of structures (locations).
- A structure is a single location and what is insured. It is associated with one or more insurance coverage.
- A policy is a specific type of financial structure that applies to a set of locations. Multiple policies can exist under the same account and can apply to the same set of locations.
- An account comprises a group of policies and locations.