When evaluating the price of insurance, it is a common mistake to simply look at the "bottom line".  Insurance professionals refer to price as the 'total cost of risk' or TCOR.  TCOR is the best measure of the actual cost of risk and a better risk management key performance indicator than premium costs. Premium cost + estimated cost of retained losses + risk management costs = total cost of insurable risk. This formula recognizes the full value of intertwined costs related to premiums, retained claims, and related expenses for safety & loss control programs.  This applies to family risk management as equally to growing business or mature businesses with well developed risk management and safety programs.

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