Outputs of the Insurance Element

The Insurance element has six outputs:

Covered_Loss. This is a discrete change signal that is generated if and only if the deductible is satisfied and the cap is not exceeded. It represents the part of the claim that is covered by the insurer. It is a discrete change signal with an Add instruction, and is a scalar value with dimensions of currency.

Uncovered_Loss. This is a discrete change signal that is generated if and only if some of the claim is not covered (either to satisfy the deductible, or if the cap is exceeded). It represents the part of the claim that is not covered by the insurer. It is a discrete change signal with Add instruction, and is a scalar value with dimensions of currency.

Cum_Covered. This is the cumulative value of covered claims over the simulation. That is, it is the cumulative amount of claims that is covered by the insurer. It is a scalar value with dimensions of currency.

Cum_Uncovered. This is the cumulative value of uncovered claims over the simulation. That is, it is the cumulative amount of claims that is not covered by the insurer (cumulative losses to the insured). It is a scalar value with dimensions of currency.

Ded_Balance. This is the current amount of deductible that is unused. Hence, prior to the first claim (and whenever the deductible is reset), it is equal to the Deductible amount. It is a scalar value with dimensions of currency.

Cap_Balance. This is the current amount of cap that is unused. Hence, prior to the first claim (and whenever the cap is reset), it is equal to the Cap amount. It is a scalar value with dimensions of currency.