The premium rate just as the prices of basic goods. Is to find a cost and expenses (the cost of the work, services, taxes, duties, brokerage fees) plus a margin based on the following criteria.
1. The size of the risk. The size of the vulnerable of high insured. The premium will be higher to calculate a fair premium. It is a hierarchy of risk based on the size of the disaster risk in the insured object, such as in fire insurance. We divide the order of risk to appearance of the building. The building is divided into one class,two classes, third class, and also take into account. The location of the property and the use of such property.
2.Period of time covered insurance against loss. Most life insurance premium rates are set annually. If you buy coverage period shorter than one year. Premium rates will be higher because some costs are fixed, use it as an annual insurance premium is 100% if the insurance premiums for six months,insurance premium 62% etc.
3.Sum insured If the insured amount. Premium is over insured amount is less.
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