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Market Trends terms
Market Trends in Homeowners Insurance: the news, the names and what changed.
Catastrophe modelSoftware that simulates thousands of possible hurricanes, quakes, wildfires and storms to estimate the losses an insurer's policies could suffer.Probable maximum lossA modeled estimate of how big an insurer's loss from a single severe catastrophe could be, stated at a probability such as a 1-in-100-year event.Residual marketThe state-created plans and pools that cover property owners the private market declines, as opposed to coverage insurers sell by choice.