Tampilkan postingan dengan label Insurance Premium. Tampilkan semua postingan
Tampilkan postingan dengan label Insurance Premium. Tampilkan semua postingan
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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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Online Calculations
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These days, the calculation of insurance premiums is also done by specialized websites that perform the searching, comparing and calculating of the insurance premium on behalf of the customers.
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The Role of Insurance Brokers
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Insurance brokers play an important role in finding the appropriate insurance for the customer by assessing and titrating the different insurances available in the market. The brokers or agents calculate the premiums on the basis of the requirement particulars of the customer. The lowest quote offered by the insurance company is considered to be the most suitable one.
