Give the three basic factors that determine the cost of your homeowner's insurance. List the possible ways of saving money on premiums
What will be an ideal response?
Answer: The three basic factors are: (1) the location of your home, (2) its type of structure, and (3) your level of coverage and policy type. Possible ways of saving on premiums include:
-Take as high of a deductible as you can afford.
-Install a security system, smoke detectors, and fire extinguishers.
-Ask for a multiple policy discount with your car insurer-pay premiums annually.
-Ask for other discounts.
-Consider a direct writer.
-Shop around and get bids from several agents.
-Doublecheck your policy to make sure you have the coverage you need.
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The mean and standard deviation of the Poisson distribution are equal
Indicate whether the statement is true or false
The property and liability insurance industry is characterized by a repetitive pattern of loose underwriting standards with low premiums followed by tight underwriting standards with high premiums. This repetitive pattern is called the
A) underwriting by exception method. B) business cycle. C) underwriting cycle. D) account underwriting method.