Road Accident Fund
Loss of Earnings
The Road Accident Fund (RAF) compensates any person injured in a motor vehicle collision in proportion to their responsibility in causing the accident, for the loss they incur because of such collision. An actuary is required to calculate the loss of earnings an injured person suffers as a result of such an accident by comparing the difference between the financial situations prior to and after the accident in terms of the law of delict. The actuary applies certain legal, mortality, interest, and inflation assumptions, amongst others, to earnings data provided by an Industrial Psychologist, to arrive at the monetary loss which is then paid in a lump sum to the victim.
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The Road Accident Fund (RAF) compensates the dependants of any person killed in a motor vehicle collision in proportion to the deceased’s responsibility in causing the accident, for the loss the dependants incur because of such collision. An actuary is required to calculate the loss of support a deceased’s dependants incur as a result of such an accident by comparing the difference between the financial situations prior to and after the accident in terms of the law of delict. The actuary applies certain legal, mortality, interest, and inflation assumptions, amongst others, to earnings data provided by an Industrial Psychologist, to arrive at the monetary loss which is then paid in a lump sum to the deceased’s dependants.
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