KudoZ home » Italian to English » Insurance

primo rischio asssoluto

English translation: on an absolute first loss basis

Advertisement

Login or register (free and only takes a few minutes) to participate in this question.

You will also have access to many other tools and opportunities designed for those who have language-related jobs
(or are passionate about them). Participation is free and the site has a strict confidentiality policy.
GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Italian term or phrase:primo rischio asssoluto
English translation:on an absolute first loss basis
Entered by: Neil Crockford
Options:
- Contribute to this entry
- Include in personal glossary

08:49 Feb 11, 2009
Italian to English translations [PRO]
Insurance
Italian term or phrase: primo rischio asssoluto
Insurance policy for hang glider - type of insurance cover which, I am told, means insuring something for a proportion of its value and being refunded the same proportion in damages as opposed to "valore intero" which refers to insurance at 100% of value and full refund on damamges.
Alice Fox
Italy
Local time: 07:03
on an absolute first loss basis
Explanation:
This is the normal UK term for this arrangement.

The insured fixed the sum insured at an amount lower than the full value of the property insured. The insurer will pay claims up to that amount, but if the loss exceeds that amount, the insured has no cover for the part that exceeds it.
Selected response from:

Neil Crockford
Local time: 06:03
Grading comment
4 KudoZ points were awarded for this answer

Advertisement


Summary of answers provided
5 +1on an absolute first loss basisNeil Crockford
5actual cash value (ACV)
Rosanna Palermo


  

Answers


18 mins   confidence: Answerer confidence 5/5 peer agreement (net): +1
on an absolute first loss basis


Explanation:
This is the normal UK term for this arrangement.

The insured fixed the sum insured at an amount lower than the full value of the property insured. The insurer will pay claims up to that amount, but if the loss exceeds that amount, the insured has no cover for the part that exceeds it.

Neil Crockford
Local time: 06:03
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 99
Notes to answerer
Asker: thank you!


Peer comments on this answer (and responses from the answerer)
agree  blattanzi
3 hrs
  -> Thanks
Login to enter a peer comment (or grade)

5 hrs   confidence: Answerer confidence 5/5
actual cash value (ACV)


Explanation:
The US version of the same
It is not "market value", but the value of the item prior to the damage which includes depreciation
Actual cash value
From Wikipedia, the free encyclopedia
Jump to: navigation, search
In the property and casualty insurance industry, actual cash value (ACV) is a method of computing what an insurer will pay an insured, after a loss, for a specific insured item. It is often a less costly method of insuring articles or structures, but it is also less preferred.

ACV is computed by subtracting depreciation from replacement cost. Replacement cost is the preferred method of insuring.

An example would be as follows: a man purchases a television set for $2,000 in 1990. If he were to attempt to sell the TV today, it may only be worth $100 to a buyer. ACV insurance would only pay $100 if the TV were stolen or damaged in a fire. Conversely, replacement cost insurance would pay the cost of purchasing an equivalent or like kind and quality TV in today's prices.





    Reference: http://en.wikipedia.org/wiki/Actual_cash_value
Rosanna Palermo
Local time: 00:03
Native speaker of: Native in ItalianItalian, Native in EnglishEnglish
PRO pts in category: 15
Notes to answerer
Asker: thank you

Login to enter a peer comment (or grade)




Return to KudoZ list


Changes made by editors
Feb 12, 2009 - Changes made by Neil Crockford:
Created KOG entryKudoZ term » KOG term


KudoZ™ translation help
The KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.



See also:



Term search
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search