Explore tens of thousands of sets crafted by our community.
Understanding Insurance Premiums
10
Flashcards
0/10
Age
Older individuals are generally charged higher premiums, as they are more likely to make a claim.
Gender
Due to different risk profiles, gender can influence premium costs, particularly in life and auto insurance.
Health and Medical History
A history of illness or health conditions can lead to higher health or life insurance premiums.
Occupation
High-risk occupations can result in higher premiums for life and disability insurance.
Credit Score
A lower credit score can lead to higher premiums in regions where it's legal to use credit history for pricing.
Driving Record
A poor driving record with traffic violations or accidents usually results in higher auto insurance premiums.
Claims History
A history of frequent insurance claims can lead to increased premiums as insurers view you as higher risk.
Location
Areas prone to natural disasters, crime, or with high cost of living can see higher insurance premium rates.
Type and Amount of Coverage
More comprehensive policies with higher coverage limits result in higher premiums.
Vehicle Type
More expensive or high-performance vehicles usually have higher premiums due to increased repair costs and theft rates.
© Hypatia.Tech. 2024 All rights reserved.
