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True False Question ,please explain it 3 sentence Insurance company should not charge the same premium...

True False Question ,please explain it 3 sentence

Insurance company should not charge the same premium for the same product on different clients

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Answer #1

Answer - TRUE

There are various products an Insurance company may offer viz. home, auto, life, health, dental, mortgage and asset protection etc.

Considering a life insurance product as an example, following are few factors which may decide the amount of premium (high or low) to be charged for a client:

Age: Younger client pay lower premium

Gender: Women tend to live longer than Men, thus may have to pay lower premium than men

Health History: Healthier the person lesser the premium amount.

Occupation: Riskier the profession more the premium amount.

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