That's not what you are paying for. I don't even think you believe that. CAn you rephrase that? Not trying to be a dick.

Yes, the risk factors being evaluated are different between a company that insures automobiles, health, shipping containers, renters, etc. You are absolutely correct. The methodology is the same.

quote:
I don't think it's right to adjust for certain factors

OK. If you insure shipping containers and your insured is sending containers through an area known to be full of pirates should they be able to charge more? When you first began providing them insurance they didn't serve pirate infested waters?

Of course, they should be able to charge more because the new data available says that they are a higher risk due to freaky pirates.

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Posted by SUB

Member since Jan 2001

Member since Jan 2009

21051 posts

Posted on 9/21/17 at 12:44 pm to roadGator

quote:
That's not what you are paying for. I don't even think you believe that. CAn you rephrase that? Not trying to be a dick.

In part, yes. And in part, protection from health costs for not so serious illnesses that I may or may not get.

quote:
The methodology is the same.

It shouldn't be because they are very different industries.

quote:
OK. If you insure shipping containers and your insured is sending containers through an area known to be full of pirates should they be able to charge more? When you first began providing them insurance they didn't serve pirate infested waters?

In your scenario, you are asking if premiums should increase based on the insured choosing a more dangerous business practice. It doesn't make sense to compare this to something like somebody getting cancer, which is not a choice.

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