IPS reviews the cash inflows and cash outflows for various types of claims (high risk, moderate risk and low risk claims) for coverage and claim payment of each insurance policy. The relative value of different insurance policies are evaluated numerically. The IPS Index (0 to 1,000) is the ratio of Cash Outflows/Cash Inflows. A higher index is more favorable.
An insurance policy review is subjective and the significance of different wording,(insuring agreement, definitions, terms and conditions, exclusions) while important are hard to weigh and compare. Each policy may have strengths and weaknesses in coverage with numerous variations and different premiums.
Problem: How do you equate coverage with premium and accurately compare different quotations from various insurers on an equitable basis with so many variables? The comprehensive IPS process provides a single IPS numerical factor for understanding policy variables.
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