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i. Value of property/sum assured –Higher value/expensive property/high sum assured higher premiums are charged/low value of sum assured/cheap property low premiums charged.
ii. Age of property/Pension –Old property/older people higher premiums are charged (as is vulnerable to suffering/loss/new properties/young people are charged lower premiums.
iii. Location of property/residence of person - areas prone to danger/calamities/that are risky attract higher premiums/safer areas attract low premiums.
iv. Number of risks to be insured –(the more the risks the property faces(the need to insure against more risks) the higher the premiums (due to higher chances of losses)the fewer the risks the lower the premiums charged.
v. Period of insurance contract-longer period for contract attracts lower premiums/shorter periods are charged higher premiums.
vi. Purpose /usage of property/work of a person-the highly used property/overworked persons/risky work attract higher the premiums/property that is not heavily used/low risky work attracts low premiums.
vii. Healthy of a person/condition of property-good working property/a person with good healthy attracts lower premiums/poor health condition attracts high premiums.
viii. Government policy-taxation leads to higher premiums/subsidies lower premiums.
ix. Frequency of the occurrence of risk-higher chances of occurrence of risks attracts higher premiums/ rare chances of occurrence of risks attracts low premiums
steve williams answered the question on December 30, 2017 at 06:37
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