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Judgment & ambiguity · Decisions under uncertainty

A commercial property submission comes in with a strong loss history but a cat model that shows the location just inside a revised wildfire-exposure zone the vendor updated last month. Your appetite guidance predates that update. Do you quote, and on what terms?

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I'd quote, but I'd price and structure to the new model, not the stale appetite memo.

The full answer: structure, worked example, likely follow-up.

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