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Any insurance underwriter will first consider what type of cover the insured wants.
With motor vehicle insurance, for example, a person could want cover for any damage other than to their own vehicle (known as third party property damage) or they could want to include their own vehicle as well (known as comprehensive insurance).
In determining the premium an underwriter must assess the risk. To do this he or she will need to know the insured's age, experience and driving record (including any offences) as well as the type, age, engine and value of the motor vehicle. The residential address is another factor as conditions (such as risk of car theft) vary from place to place.
Insurers will also need to know all of the details for anybody who is expected to drive the vehicle. For example, an insurer will always set the premium based on the age of the youngest driver. Finally, the insurer will vary their rates for business and private use.
Laws and policies may be different depending on the jurisdiction (country, state etc.).
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What do medical insurance companies consider when determining your premium?
Preexisting medical conditions.
Does having a DUI prevent you from having the good drivers discount after 10 years?
Most insurance companies only use the last 5 years of your driving record to determine your premium. But it is really up to them to determine how long they want to consider your DUI when calculating your insurance rate.
Do women face premium charges when it comes to motor insurance?
Women typically do not face premium charges when it comes to motor insurance. Sometimes males will have to pay higher motor insurance rates as some companies consider them to be a higher risk.
Where can one find premium insurance?
When you are on the hunt for premium insurance, where to look will depend on the type of insurance you need. If you want premium health insurance you should look for companies like United Health or Wellpoint. If you are in the market for premium life insurance you should try companies like American General, or Allstate.
If I smoke cigarettes will it affect my term insurance premium?
Of course it does... It increases your premium value. If a non smoker pays a $100 premium you would have to pay a $102 or $105 as premium... Typically life insurance policies will consider factors such as smoking as a health hazard. If you are a smoker, this will generally result in higher rates of insurance. However, since life insurance is a competitive business, there are companies that will look more favorably on smokers than the typical life insurance companies. You would do well to look for online insurance quote providers. They will be able to help you locate such companies easily so that even as a smoker, you can get the best policy at the most affordable price.
What are some insurance companies that offer single premium whole life insurance?
Some Insurance companies that offer single premium whole life insurance are K&K Insurance, MetLife and Jackson National Life. Others are Mutual of Omaha or AXA Insurance.
How can one obtain premium whole life insurance?
One can obtain premium whole life insurance through their current insurance company. Several companies such as TD Insurance and BMO Insurance, offer great rates.
What insurance companies offer unoccupied insurance?
Not all major insurance companies offer unoccupied insurance. Those that do will charge a hefty premium. Contact an agent to discuss options and obtain quotes.
What percentage of auto insurance losses are used to determine premium?
All auto losses are used to determine premiums. All claims paid plus expenses of the company are added up to determine if the insurance company has a profit or a loss. Auto insurance companies usually try to break even on underwriting of auto insurance policies. If they can break even on the insurance then they will usually make money on investing the premiums and be profitable for the year.
Will car insurance premium increase if you pay a premium renewal one day late?
Usually not. However, insurance companies can charge late or reinstatement fees if you pay late.
Can your insurance company raise your premium after you report a loss?
Insurance companies are not allowed to raise your premium if you onoy reported ONE loss but keep in mind that they can always use other reasons such as an across the board premium increase.
What could be a result in receiving a discount on your insurance premium?
A. You pay less money for insurance coverage B. You are less likely to change insurance companies
