Quizzes & Puzzles6 mins ago
What is the current value of a human life?
3 Answers
Priceless, of course. But what is the current life-insurance industry compensation level for its loss?
I'm not talking about loss of earnings potential.
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"I'm not talking about loss of earnings potential."
In that case it would be virtually nothing. Insurance is based on loss of some kind and therefore if there is no financial loss then there is nothing to pay.
Any insurance that would pay out would be based on the level of premium and the likelyhood of having to pay out, therefore it's not an exact science. They essentially ask you what level you want and set the premiums accordingly.
In that case it would be virtually nothing. Insurance is based on loss of some kind and therefore if there is no financial loss then there is nothing to pay.
Any insurance that would pay out would be based on the level of premium and the likelyhood of having to pay out, therefore it's not an exact science. They essentially ask you what level you want and set the premiums accordingly.
Sorry, mis-read question
�2,000,000 is/was public liability insurance limit.
Is also the figure used to calculate whether safety features are worth building.
e.g. If a bridge over a main road was to cost �5m, but would only save 2 lives they wouldn't build it. If it would save 3, they would. Not sure over how long a period the amount of deaths are calculated.
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