Connecticut residents should be aware of certain variables when comparing low cost automobile insurance. Although all insurance companies have certain rules and regulations to follow, they are afforded some flexibility in underwriting. Here are a few things you should be aware of: 1.Young Drivers: Some companies prefer not to insure young drivers and that preference will translate into higher premium…
Tag: Underwriting
Re Evaluating Surety Bond Underwriting
Traditional surety bond underwriting does not allow for any losses. In other words, applicants are only suppose to be approved for a bond if the underwriter believes there will be no claims. This differs from insurance underwriting, as a loss is expected and is built into the premium. Higher risk applicants are usually declined or asked to post 100% collateral…
Insurance Credit Scoring An Ethical Issue
Credit scoring is a method of determining the likelihood that credit users will pay their bills. Fair, Isaac began its work with credit scoring in the late 1950s and, since then, scoring has become widely accepted by lenders as a reliable means of credit evaluation. A credit score attempts to condense a borrower’s credit history into a single number. Fair,…