How Are Premiums Determined? (Chapters 10 How Insurance Works) – What do you call the rating system where similar insureds are given the same rate because they represent the same category of risk? What are three things that a basis or exposure unit needs to be for an insurance company to use it in determining a premium? What does ISO stand for? List at least five things that are used to determine an auto insurance premium? What are two major factors used in determining a rate for a homeowners policy? What is the premium for workers’ compensation insurance? What does an experience modifier do to a premium?
How Are Premiums Determined? (Chapters 10 – How Insurance Works) What do you call the rating system where similar insureds are given the same rate because they represent the same category of risk? What are three things that a basis or exposure unit needs to be for an insurance company to use it in determining a premium? What does ISO stand for? List at least five things that are used to determine an auto insurance premium? What are two major factors used in determining a rate for a homeowners policy? What is the premium for workers’ compensation insurance? What does an experience modifier do to a premium?
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