Study finds surprising factor when calculating car insurance and other factors to be aware of
By Kathryn Pomroy article
Find out the surprising factors that determine how much you pay for insurance, and what else you should know on Credible. (iStock)
A recent
study by Consumer Reports found that several large auto insurers asked prospective customers about their job title and education level when quoting car insurance rates. Based on the answers, Americans received different auto insurance quotes.
To target factors commonly used to determine costs for insurance coverage such as occupation, education level, homeownership and credit history, federal lawmakers have once again proposed a bill that would upend the insurance industry’s decades-long practices around which factors should be used to price auto insurance premiums.
® (FSR) of A,
Exceptional, assigned to Clearcover Insurance Company, Inc. has been affirmed by Demotech, Inc. This level of FSR is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves (L&LAE) and realistic pricing.
FSRs summarize Demotech s opinion of the financial stability of an insurer regardless of general economic conditions or the phase of the underwriting cycle. FSRs utilize statutory financial data based on insurance accounting principles prescribed or permitted by the National Association of Insurance Commissioners (NAIC). Since 1989, FSRs of A or better have been accepted by the major participants in the secondary mortgage marketplace.
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