What is the purpose of assessing risk? Do you think that clients will ever pay too much money, possibly causing negative consequences for the insurance agency?
What will be an ideal response?
If a customer is considered to be "high risk" they are more likely to file a claim. Thus, the insurance agency would want to ensure that customers, based on how likely they would file a claim, are paying an appropriate insurance premium. If the model is structured correctly, pricing would be accurate and fair. However, more data would need to be collected and analyzed to be certain.
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