Umbrella Underlying Limit Check
Compare underlying policy limits with caller-supplied umbrella requirements.
Description
An umbrella policy may specify required underlying liability limits.
An umbrella policy may specify required underlying liability limits. This comparison measures shortfalls against two supplied requirements.1
Compare underlying policy limits with caller-supplied umbrella requirements.
When to use Umbrella Underlying Limit Check
Use this tool to compare underlying policy limits with caller-supplied umbrella requirements.
Prepare the supplied policy terms, dates, assumptions or recorded indicators requested. Keep monetary amounts on one currency basis and select the applicable thresholds separately.
How to use Umbrella Underlying Limit Check and understand its results
- Prepare the supplied policy terms, dates, assumptions or recorded indicators requested. Keep monetary amounts on one currency basis and select the applicable thresholds separately.
- Enter autoLiabilityLimit, requiredAutoLimit, homeLiabilityLimit, requiredHomeLimit using the field table and calculation rules, then run the tool.
- Read autoDeficit, homeDeficit, meetsBothRequirements. The explanation below defines the units, signs, ordering and any flags or placeholder values.
- If the tool reports an input issue, correct the values and run it again. Apply the stated assumptions when interpreting a successfully returned result.
| Input field | Meaning | Value type; see rules below | Requirement |
|---|---|---|---|
| autoLiabilityLimit | Auto liability limit (currency) | number; minimum: 0 | Required |
| requiredAutoLimit | Required auto limit (currency) | number; minimum: 0 | Required |
| homeLiabilityLimit | Home liability limit (currency) | number; minimum: 0 | Required |
| requiredHomeLimit | Required home limit (currency) | number; minimum: 0 | Required |
Enter nonnegative auto and home liability limits with corresponding requirements. Return each deficit and inclusive composite gate.
deficit=max(0,required−actual); meetsBoth=both deficits zero Units, indexing, boundary conditions and exceptional cases are defined in the calculation rules above.
| Output field | Meaning | Value type |
|---|---|---|
| autoDeficit | Auto limit deficit (currency) | number; minimum: 0 |
| homeDeficit | Home limit deficit (currency) | number; minimum: 0 |
| meetsBothRequirements | Meets both requirements | boolean |
{
"input": {
"autoLiabilityLimit": 300000,
"requiredAutoLimit": 300000,
"homeLiabilityLimit": 300000,
"requiredHomeLimit": 300000
},
"output": {
"autoDeficit": 0,
"homeDeficit": 0,
"meetsBothRequirements": true
}
}Limitations and assumptions
No insurance contract, insurer requirement or coverage eligibility is checked.
Numeric inputs must be finite. Follow the calculation-specific rules for overflow, underflow and exceptional cases. Missing required fields, extra fields, wrong value types and violations of the calculation rules are input errors. A successfully returned false flag is an evaluated outcome; its meaning is explained above.
Alternative or Complementary methods
Use Umbrella Drop-Down: Calculate umbrella recovery with an optional underlying drop-down. For a complementary task, use Stop-Loss Attachment: Calculate specific and aggregate stop-loss recoveries from supplied attachments.
References
-
Umbrella Underlying Limit Check — tool.io
Similar or alternative tools
- Umbrella Drop-Down
Calculate umbrella recovery with an optional underlying drop-down.
- Stop-Loss Attachment
Calculate specific and aggregate stop-loss recoveries from supplied attachments.