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Determined by Risk Perception
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The insurance premium generally increases with the increase in risk perception of the company regarding the potential policyholder.
# In cases of medical insurance or Mediclaim, the premium prices are more for smokers than non-smokers because insurance companies consider smokers to have a greater risk of health hazard than non-smokers. Hence the cost of premium is directly proportional to the risk associated.
# In the case of car insurance, the cost of premium for a younger driver is generally higher than the premium for an older one; because the insurance company considers the younger driver to be more prone to accidents than the older driver.
# In the case of life insurance, the insurance company considers an aged person to be more prone to death. Hence, it charges a higher premium from him/her. But when it comes to a younger person seeking life insurance, the premium charged is less. The reason behind this is that under normal circumstances, a younger person stands a greater chance of living a longer life span.
# In cases of medical insurance or Mediclaim, the premium prices are more for smokers than non-smokers because insurance companies consider smokers to have a greater risk of health hazard than non-smokers. Hence the cost of premium is directly proportional to the risk associated.
# In the case of car insurance, the cost of premium for a younger driver is generally higher than the premium for an older one; because the insurance company considers the younger driver to be more prone to accidents than the older driver.
# In the case of life insurance, the insurance company considers an aged person to be more prone to death. Hence, it charges a higher premium from him/her. But when it comes to a younger person seeking life insurance, the premium charged is less. The reason behind this is that under normal circumstances, a younger person stands a greater chance of living a longer life span.
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