Standard Insurance policies are written on state approved policy forms. Standard Policy forms are regulated by the state in which they are issued and are cookie cutter policies that differ very little from one company to another in coverages, language and price with narrow acceptance rules. They are geared to the preferred client with good credit and underwritten in such a way as to limit risk exposures for the Insurance Company and exclude certain classes of drivers. They are quite popular for use by insurers and that's why so many companies use them, hence the term "Standard".
Nonstandard Insurance Policies are also written on state approved Policy forms and vary widely in pricing because they are custom policies designed by the issuing company to be able to accept a broader market range of risks. Many do not even take your personal credit into account for rating at all. They may be cheaper than standard or they may be higher depending on the risks presented and are most often unique to that company, Hence the term nonstandard.
It has nothing to do with the financial health nor the Am Best rating of the Insurance Company nor the quality of coverage. No State has any requirement of law that you seek out a nonstandard policy due to a DUI.
There is no such thing as a substandard policy in the U.S. because no state would even allow a policy deemed as such to be sold in their jurisdiction.
Nonstandard by no stretch of the imagination should be construed as Sub Standard in any way what so ever. They essentially offer the same coverages but for a broader class of people. In fact, many Insurance Companies offer both standard and non standard policies. All Standard and Nonstandard Policy forms must be approved by the state in which they are issued and the issuing company must follow all your state laws and regulations.
Answer from a General Insurance Agent
___________________________________________________________________Another Wiki AnswerNon-standard insurance is to cover any special needs. If someone is arrested for DUI he will be required to carry non-standard isurance that agrees to cover people with DUI prior's. Some non-standard life insurance is necessary if an individual is a sky-diver or has a high risk job or hobby. In general, non-standard insurance is more expensive because the insured individual is considered to be a higher risk.
This could also be referring to the risk rating that the underwriter will set, based on the health of the proposed insured. Standard rated means somebody of average age, average health, , average risk career, average risk location etc. Sub-standard is therefore somebody who is older, smokes, more unhealthy (depending on the results of the medical tests). Preferred and Preferred Plus are exceptionally good risks for the insurer, though the underwriter will usually choose these rates. So, standard or sub-standard will have higher premiums, with possible loading applied to offset the risk and preferred and preferred plus will enjoy lower premiums due to the low risk of mortality early in the policy.
Standard English is the English language that is taught in schools. Nonstandard English is language that is taught in the streets. Slang words are a type of nonstandard English.
Och, the wee bairn's greeting. That's English, but nonstandard. In standard English it's: Oh, the little baby is crying. How do people say it in your town?
difference of motor and marine insurance
What is the difference between standard theory and extended standard theory?
Standard insurance is for drivers with very few violations, claims or cancellations of previous policies. In most cases, these drivers have better insurance (or credit) scores. Based on these characteristics, standard insurance premiums are much less than non-standard insurance premiums. Non-standard insurance, on the other hand, is for those with major violations, prior cancellations, prior claims, no prior insurance coverage amongst other things. These insurance policies, most likely, are for minimum coverage.
What is the difference between voluntary life insurance and life, ad/d?
the difference is that standard is being used by majority
There is no difference.
Difference between h03 and h05 home owners insurance?
The difference between actual quantity and standard quantity is called the material quantity variance.
individual insurance is for you, business insurance is for your business
the difference between a warranty and insurance, is a warranty is when you can return it to either get another or to just return it. insurance is when you have coverage over the object or living being.
"Advantage" title insurance sounds like a product of a particular Underwriting company. It is not a TYPE of title insurance. Many Underwriters have a "premium" Policy available to consumers that has additional benefits over the standard insurance. Ask your title agent for a side-by-side comparison of the two policies.
if you measure a crayon with inches is not the same as measuring with feet.
It would help to know the standard error of the difference between what elements.
Standard error is the difference between a researcher's actual findings and their expected findings. Standard error measures the accuracy of one's predictions. Standard deviation is the difference between the results of one's experiment as compared with other results within that experiment. Standard deviation is used to measure the consistency of one's experiment.
the difference between a proposer and the insured is that a proposer is a person or an entity who is seeking insurance and an insuerd is someone or an entity covered by an insurance policy
The difference between indirect and direct quote life insurance is that the insurance level will differ. Direct is when someone dies, indirect involves other factors.
The main difference between children's and adults health insurance is that children may be eligible for low- or no-cost insurance through Medicaid or the Children's Health Insurance Program.
your not covered for damages
describe the difference between additional and precaution?
what is the difference between standard keyboard and enhance keyboard