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Insurance Business | 16 Jun 2017, 05:36 AM Agree 0
Legislation approved to limit the factors carriers can consider in premium pricing
  • Kristina | 16 Jun 2017, 08:17 AM Agree 0
    What State is this in?
  • Carla | 16 Jun 2017, 12:50 PM Agree 0
    First, I don't understand why the insurance industry does not push back on this and help the consumer and the Legislators understand how we underwrite,,,anything. Using age, etc IS the experience, claims, etc. The type of car, etc IS the cost of the claim. I am not sure if insurance companies are making so much money that they don't care to fight, or they have figured out ways to get around this stuff. It is true that the rating for personal lines is so complex that the agent can't explain it to the insured. It needs to be more simply put and the agent needs to know why the premium goes up. I was an Underwriter years ago and rated auto/homeowner etc with tables that were based on age, distance you drove, type of car, and your experience, and then the factor of the insurer. At one time, we could also check credit reports etc but then that was barred for a while which I thought was good. Now, that is back. That is sad as the credit reports, controlled by the banks, are the ones who caused middle class America to lose its wealth and the scores to plummet. Where is the justice in this world?
  • Anon | 16 Jun 2017, 12:51 PM Agree 0
    First line of the article: The state House in Delaware has approved legislation that restricts the factors that insurers can utilize in establishing automobile insurance rates.
  • Janice Michaud | 16 Jun 2017, 01:58 PM Agree 0
    A huge part of the problem is stating "approved legislation that restricts the factors that insurers can utilize in establishing automobile insurance rates" instead of the truthier version "legislation was enacted to take away from drivers that are less costly for insurers to provide coverage, a higher price rather than giving them the savings that reflects reality." This is a driver of increased cost to all drivers as risk is less defined and more ambiguous.
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