Motor insurance is one particular class of general insurance. Typically, a motor
insurance policy will provide cover for a period of one year. In return for a premium
received at the start of the year, an insurance company will accept the financial risks
that are associated with the policyholder\u2019s motoring.
While the amount and time of receipt of the positive cashflow (i.e. the premium) is
known precisely, the amounts and times (and number) of any negative cashflows are
uncertain. In many cases, the negative cashflows occur some time after the conclusion
of the period of cover. This is particularly common for injury-type claims for which
recovery time must be allowed and court settlements may be necessary.
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