General insurance The factors insurers look into before given out premium

[sincerem]

Their are factors insurers look into when it comes to making policies to offer premium contract to users or customers that came to insure their property with them.

Those factors are critically evaluated by the insurance company before going on to offer the customer higher premium contract to enjoy future benefits when unbeknownst circumstances occur.

Those factors can be seen as follow;

* Customers with higher tendency or prone to road accidents or frequently incur accidents can't be insured with premium. Cos it is seen as a financial risk to the company, they can be fazed with financial loss when the customer frequently suffer brutal road accidents.

* A place that is prone with natural disaster like earthquake, hurricane, heavy flood etc, can be a risk for the insurance company to offer premium services to the customers affected by such natural disaster.


What other factors can hinder someone from getting a higher premium from a property insurance company?

 

[Mika]

I cannot say anything about your second point, but I will have to disagree with the first point. All insurance companies have their own unique products (policy) and they have their own rules. You can get a life insurance policy irrespective of your lifestyle and workplace. But the insured amount might be little lower if you are prone to risk.

 

[sincerem]

I cannot say anything about your second point, but I will have to disagree with the first point. All insurance companies have their own unique products (policy) and they have their own rules. You can get a life insurance policy irrespective of your lifestyle and workplace. But the insured amount might be little lower if you are prone to risk.

I made researches to get those fact, when it comes to insurance company accepting someone and given out higher premium the person must meet the criteria for that. Those two factors I outlined is simply what it is dear. If they weigh the circumstances surrounding the person and find out the person isn't worthy, they won't offer higher premium to the person.

 

[Wisdom01]

I think in a country or place where there is always war which could actually lead to destruction of properties and looting of properties ,this could have effect and it's part of the factors an insurer looks into very well before making the move of giving an insurance policy out too I think

 

[sincerem]

I think in a country or place where there is always war which could actually lead to destruction of properties and looting of properties ,this could have effect and it's part of the factors an insurer looks into very well before making the move of giving an insurance policy out too I think

Yes, that is one of the factors an insurance company will look into before going out their premium to any customer. Cos war on its own poses threat to lives and property. And insurance is after the protection of our lives and property. They know if any thing happens to our well-being or property they'll be the one to carter for it. And it will be a huge blow for them financially.

 

[Wisdom01]

Yes, that is one of the factors an insurance company will look into before going out their premium to any customer. Cos war on its own poses threat to lives and property. And insurance is after the protection of our lives and property. They know if any thing happens to our well-being or property they'll be the one to carter for it. And it will be a huge blow for them financially.

Yea exactly those insurance companies dont even want to be at loss , because they are also on a profit making route since it's the nature of every business , I am pretty sure they would make sure they make the insurance policy no too flexible or something that won't favor them at all or might make them make loss