Under Battlecard #27 what filing items must an ACTUARY certify (6),
May I know what's the difference between Vehicle classification system vs Risk classification system?
A vehicle classification system describes the vehicle and would have categories like:
4-door or 2-door
sports car, antique, family sedan, SUV,...
has air bags, anti-lock brakes,...
A risk classification system is broader. It would include characteristics of the the driver as well as characteristics of the car. It would include things like sex, age, marital status, number of tickets, and insured's address (anything that affects the potential loss to the insurer from writing the policy.)
Comments
A vehicle classification system describes the vehicle and would have categories like:
A risk classification system is broader. It would include characteristics of the the driver as well as characteristics of the car. It would include things like sex, age, marital status, number of tickets, and insured's address (anything that affects the potential loss to the insurer from writing the policy.)
That's very clear, thanks!