Wedding Loss
Calculate wedding postponement loss after refunds, deductible, and limit.
Description
Wedding postponement loss combines deposits and added costs, then subtracts refunds and a deductible before applying a payment limit.
Wedding postponement loss combines deposits and added costs, then subtracts refunds and a deductible before applying a payment limit.1
Calculate wedding postponement loss after refunds, deductible, and limit.
When to use Wedding Loss
Use this tool to calculate wedding postponement loss after refunds, deductible, and limit.
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 Wedding Loss 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 nonrefundableDeposits, additionalPostponementCosts, vendorRefunds, policyLimit, deductible using the field table and calculation rules, then run the tool.
- Read grossLoss, netCoveredLoss, claimPayment, uninsuredLoss. 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 |
|---|---|---|---|
| nonrefundableDeposits | Nonrefundable deposits | number; minimum: 0 | Required |
| additionalPostponementCosts | Additional postponement costs | number; minimum: 0 | Required |
| vendorRefunds | Vendor refunds | number; minimum: 0 | Required |
| policyLimit | Policy limit | number; minimum: 0 | Required |
| deductible | Deductible | number; minimum: 0 | Required |
Enter nonnegative monetary values on one currency basis. Return gross loss, deductible-adjusted net loss, capped payment and gross−refunds−payment as uninsured loss. Although refunds are not capped by the input schema, a negative uninsured-loss result fails the nonnegative output contract.
gross=deposits+addedCosts; payment=min(limit,max(0,gross−refunds−deductible)) Units, indexing, boundary conditions and exceptional cases are defined in the calculation rules above.
| Output field | Meaning | Value type |
|---|---|---|
| grossLoss | Gross wedding loss | number; minimum: 0 |
| netCoveredLoss | Loss after refunds and deductible | number; minimum: 0 |
| claimPayment | Modeled claim payment | number; minimum: 0 |
| uninsuredLoss | Uninsured loss | number; minimum: 0 |
{
"input": {
"nonrefundableDeposits": 10000,
"additionalPostponementCosts": 5000,
"vendorRefunds": 2000,
"policyLimit": 10000,
"deductible": 1000
},
"output": {
"grossLoss": 15000,
"netCoveredLoss": 12000,
"claimPayment": 10000,
"uninsuredLoss": 3000
}
}Limitations and assumptions
Refunds exceeding gross loss cannot produce a successful result. No covered event, actual policy or vendor obligation is determined.
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.
Alternative or Complementary methods
Use Nonappearance Loss: Estimate event nonappearance loss using caller-supplied dependency and mitigation. For a complementary task, use Recall Loss Split: Split product-recall loss across supplied coverage limits.
References
-
Wedding Loss — tool.io
Similar or alternative tools
- Nonappearance Loss
Estimate event nonappearance loss using caller-supplied dependency and mitigation.
- Recall Loss Split
Split product-recall loss across supplied coverage limits.