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Is it legal for an insurance company to charge higher premiums to an obese person?
In those states that regulate health insurance rates, among the things that are considered are the health risk factors that the insurer uses in establishing rates. Obesity is clearly a risk factor, in that it makes one more susceptible to other forms of illness and disease--such as Diabetes, heart conditions, and a wealth of others.
When an insurer wishes to get its rate approved by the state regulator, among the things that it submits in support of the planned rates are underwriting guidelines. Those guidelines outline the metes and bounds of the risks of the risks that the insurer is prepared to assume, on what terms, and the amount of premium (the "rate") that will be charged.
The rate is determined by actuaries, and has to be justified to other actuaries at insurance departments. If it can be shown that obesity creates a different risk classification for the insurer (that is, the insurer is placed at greater risk for paying claims), it is likely that the insurance regulator will permit the differentiation.
What else can I help you with?
Why are musicians banned from car insurance?
They are not. Though many insurance companies charge them higher premiums.
How do the premiums for The Hartford insurance compare to premiums for other providers?
Buying insurance can be a stressful activity. Comparing premiums is a great start to finding what is the righ company for you. The Hartford has much higher premiums compared to both State Farm and AAA. This is based on car insurance figures.
Do low deductible insurance plans generally cost more than high deductible insurance plans?
Yes. That is how the insurance company makes money. They either charge low premiums and you get higher deductibles and out of pocket expenses, or charge more an give you lower deductibles and out of pocket expenses.
What is difference services between TM Asia life insurance company and great eastern insurance company?
If you compare product to product, GE's premiums are higher
which of the following presents an example of economic racism?
an african american tenant is required to pay a higher security deposit for an apartment rental than a white tenant
Why would a company offer life insurance with no exam?
So that they can make you pay higher premiums and raise more money.
How long does an at fault accident stay on your driving record in Texas?
An at-fault accident and other traffic violations will stay on your driving record for 3 years, but your insurance company may charge you higher premiums for 5 or more years.
Does the price of a vehicle contribute to higher insurance premiums?
True
Economical auto insurance for accident prone driver?
Accident prone drivers who get into more accidents than the typical person cost the insurance company more money. Thus insurance companies charge higher insurance policy premiums to reflect this increased risk to them. You may also consider taking some safe drivers educational courses as well.
What are the reasons that car insurance is higher for women drivers?
In the United States, car insurance premiums are typically higher for men. In the the UK, women may soon be seeing â£300 higher premiums based on a court ruling ending gender discrimination in auto insurance.
How the probability and statistics is apply in insurance?
They are used to understand how to set insurance premiums. Take, for example, car insurance. The probability of a new driver getting in an accident is higher than an experienced driver. The probability of a male driver getting in an accident is higher than an female driver (in general). The probability of a person who has had many claims filing another claim is higher than someone who has never filed a claim. All these data guide the insurance industry to charge higher premiums to drivers who are new, male or have filed claims in the past.
Can you explain how health insurance premiums work?
Health insurance premiums are the amount of money you pay to an insurance company in exchange for coverage. The premium is usually paid monthly and is based on factors like your age, health status, and the type of coverage you choose. If you have a lower premium, you may have higher out-of-pocket costs when you need medical care. If you have a higher premium, you may have lower out-of-pocket costs.
