All individual life insurance is issued with a risk class. An underwriter reviews the medical history of the applicant and assigns a risk class which groups that person with others who have a similar mortality expectation (likelihood of death). Each risk class has a different price. A Standard policy is one in which the person being insured has an average life expectancy. The risk class issued is Standard. A Substandard policy is one in which the person being insured has less than an average life expectancy, i.e. substandard applicants are more likely to die sooner than standard applicants, so they have to pay more for their coverage. There are also Preferred classes for those applicants who appear to have a longer life expectancy than average and their premiums are less than Standard policies.
What is the difference between standard theory and extended standard theory?
difference of motor and marine insurance
What is the difference between voluntary life insurance and life, ad/d?
the difference is that standard is being used by majority
Standard insurance is for drivers with very few violations, claims or cancellations of previous policies. In most cases, these drivers have better insurance (or credit) scores. Based on these characteristics, standard insurance premiums are much less than non-standard insurance premiums. Non-standard insurance, on the other hand, is for those with major violations, prior cancellations, prior claims, no prior insurance coverage amongst other things. These insurance policies, most likely, are for minimum coverage.
Difference between h03 and h05 home owners insurance?
The difference between actual quantity and standard quantity is called the material quantity variance.
"Advantage" title insurance sounds like a product of a particular Underwriting company. It is not a TYPE of title insurance. Many Underwriters have a "premium" Policy available to consumers that has additional benefits over the standard insurance. Ask your title agent for a side-by-side comparison of the two policies.
the difference between a warranty and insurance, is a warranty is when you can return it to either get another or to just return it. insurance is when you have coverage over the object or living being.
It would help to know the standard error of the difference between what elements.
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