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Class 7 - Risk Clas.

Math 3620 - Class 7 - Risk Classifications

QuestionAnswer
General effects of allowing classification - Classification redistributes income -Classification may change behavior -Classification increases costs somewhat (to differentiate between the groups) -Restricting classification may increase the cost of regulation
Increase in regulatory costs -If classification is restricted regulatory costs increase -Monitoring insurer activities, marketing & underwriting -Restrictions may lead to insolvrenty -Leads residential market mechanisms
Prospective Rating Premium is determined based on past experience of similar risks. Class rate is applied to all consumers in a given classification
Schedule Rating Rate is modified by the underwriter based on specific characteristics of the consumer class control, etc.
Experience Rating Rate is based on the insured's historical loss experience
Retrospective Rating Rate is based on the insured's actual loss experience for the year coverage
Created by: killerkite
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