SUPERSTANDARD RISK Meaning and
Definition
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Superstandard risk refers to an elevated level of risk that exceeds the customary or standard level typically encountered in a particular situation or industry. It denotes a higher-than-average probability of loss, such as in insurance or financial sectors, where the likelihood of an adverse event occurring is significantly increased compared to typical circumstances. This term is commonly utilized in risk assessment and underwriting processes to identify risks that are deemed more hazardous or less predictable than normal.
Superstandard risks are typically associated with unique or atypical characteristics that deviate from the norm. These characteristics may include factors such as previous claims history, hazardous occupations, pre-existing medical conditions, or unusually high values of insured items. The assessment of superstandard risk involves a comprehensive evaluation of these individual risk factors, taking into account their potential impact on the likelihood and magnitude of potential losses.
In insurance, for instance, superstandard risk often results in higher premiums or the imposition of additional coverage restrictions or deductibles. Insurers may also adjust the terms and conditions of a policy to mitigate the potential impact of these elevated risks. Both insurers and underwriters must carefully analyze superstandard risks to ensure that appropriate measures are taken to manage and compensate for the potential losses that may arise from these unconventional or high-risk situations.
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An insured person or applicant for life insurance, whose family history is exceptionally good or whose habits or circumstances are such as to warrant an expectancy of life greater than that of the average healthy man; it has been suggested to create a class of such exceptional risks who may be accepted at a smaller premium than the regular premium for others of the same age.
A practical medical dictionary. By Stedman, Thomas Lathrop. Published 1920.
Common Misspellings for SUPERSTANDARD RISK
- auperstandard risk
- zuperstandard risk
- xuperstandard risk
- duperstandard risk
- euperstandard risk
- wuperstandard risk
- syperstandard risk
- shperstandard risk
- sjperstandard risk
- siperstandard risk
- s8perstandard risk
- s7perstandard risk
- suoerstandard risk
- sulerstandard risk
- su-erstandard risk
- su0erstandard risk
- supwrstandard risk
- supsrstandard risk
- supdrstandard risk
- suprrstandard risk
Etymology of SUPERSTANDARD RISK
The term "superstandard risk" is not a word with a specific etymology on its own. Rather, it is a combination of two words: "super" and "standard" risk.
The word "super" comes from the Latin word "super", meaning "above" or "over". It is often used to indicate something that is superior, exceeding, or beyond the usual or ordinary level.
The term "standard" has its roots in the Latin word "standards", which means "a standing or support". Over time, it has come to represent something established, recognized, or accepted as a rule or norm.
When combined, "superstandard" suggests a risk that goes beyond the standard or accepted level of risk. However, the term itself does not have a distinct etymology. Its meaning derives from the combination and interpretation of the individual words.
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