Which of the following factors are usually taken into consideration when determining premiums?

• Age. Your date of birth is the top factor affecting your life insurance premium. ...
• Gender. Women tend to live longer than men. ...
• Health History. ...
• Family Health History. ...
• Smoking. ...
• Hobbies. ...
• Occupation. ...
• The Policy.

• The type of business you run. ...
• The value of the items used for professional activities. ...
• The building or your place of work. ...
• Fire alarm system. ...
• Your claims history. ...
• Your policy and coverage. ...
• Deductible. ...
• Credit record.

• Age – This one of the critical factors that affect the premium amount. ...
• Past Medical History – ...
• Occupation – ...
• Policy Duration – ...
• Body Mass Index (BMI): ...
• Smoking Habits – ...
• Geographical location: ...
• The Type of Plan You Choose:

What are the 4 major elements of insurance premium?

These elements are a definable risk, a fortuitous event, an insurable interest, risk shifting, and risk distribution.

Which factor would influence the premiums of health insurance quizlet?

A) The greater the benefits, the higher the premium. Policies that pay greater benefits normally command higher premiums. You just studied 10 terms!

Which of these factors help determine an insured life insurance premium?

Your date of birth is the top factor affecting your life insurance premium. There are a number of reasons why age factors into life insurance and younger policyholders pay lower premiums. As you age, the likelihood an insurer will have to pay out on your policy increases; therefore premiums increase.

What are the major considerations in deciding about a health insurance plan?

Here are five things to keep in mind when choosing health coverage for you and your family. For specific information on plan components, see your plan's Summary of. Examples include emergency services, hospitalization, prescription drugs, laboratory services and wellness visits.

What are the main components of premium and their importance?

There are three important elements in the computation of premium. They are (1) mortality, (2) expenses of management, (3) expected yield on its investment.

What factors go into determine auto insurance premium rates for individuals name two and explain one?

Things like your age, gender, state of residence, and driving record often play a role in the calculation of your car insurance rates, although some states have banned certain factors that are unrelated to your driving history.

What are the main factors that determine the premiums charged for automobile insurance quizlet?

What are the 6 deciding factors for the insurance company to display the plans?

What is an insurance premium?

The amount you pay for your health insurance every month. In addition to your premium, you usually have to pay other costs for your health care, including a deductible, copayments, and coinsurance.

Which of the following factors is not considered by an underwriter when determining the premium rates for an individual seeking insurance?

Which of the following factors is NOT considered by an underwriter when determining the premium rates for an individual seeking insurance? The uncertainty or chance of loss.

What determines your insurance premium quizlet?

Factors that can affect an auto insurance premium​ are: -Value of the insured​ vehicle: the higher the value of the​ car, the higher the premium. -Repair record of the​ car: the more easily car damage can be​ repaired, the lower the premium. -Your​ age: younger drivers have less experience and pay higher premiums.

Which of the following is a factor that increases your premium?

Your limits and deductibles

You'll likely find that the more coverage you purchase, the higher your premium may be. Your deductible — the amount you agree to pay before your insurance kicks in to help pay for a covered loss — also plays a role in the amount of your premium.

Which of these factors do not affect the rates of medical insurance quizlet?

Three of the most important factors in classifying risks for health insurance are physical condition, moral hazards, and occupation. Marital status is not included in this. Which of these factors do NOT affect the rates of medical insurance? All of these affect the rates of medical insurance EXCEPT race.

What are premium components?

Pure premium: It is the most important component of the insurance premiums. Based on actual calculations, it includes the amount needed to cover expected losses & loss adjustment expenses. It is the portion of an insurance premium that reflects the basic costs of loss, not including over-head or profit.

What consideration is required for an insurance policy to be valid?

The insurance company's consideration is its good faith promise to pay benefits when and as defined in the policy. not under the influence of drugs or alcohol. Most states stipulate a certain minimum age for a person to be deemed legally competent to purchase an insurance contract.

What are the various factors affecting the calculation of premium of an insurance policy explain the procedure for calculation of premium for life insurance policies?

The process of underwriting determines your life insurance premium. In the underwriting process, various factors are taken into consideration like your age, gender, occupation (whether or not you are associated with a risky profession), lifestyle, policy tenure, any hereditary diseases in the family, and so on.

Which of the below is not a factor in determining life insurance premium?

Rebate is not a factor in determining life insurance premium. Rebate is a portion of the agent's commission returned to an insured or anything else of value given an insured as an inducement to buy.

What is the purpose of automobile insurance?

Auto insurance helps protect your passengers.

Medical payments coverage and personal injury protection may help pay for your medical bills if you're injured in an accident. It also may help cover your passengers' expenses due to the accident.

Do most states require drivers to carry automobile insurance quizlet?

The broad form of homeowners policy insures against ALL perils. Most States require drivers to carry certain types of automobile insurance before they can get a license for their car. Personal Liability coverage covers claims from injuries to people or damage to property caused by you or your family.