insurance score

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PostPosted: Tue Nov 18, 2008 8:59 am   Post subject: insurance score  

Hi, can anyone explain to me the importance of insurance score?


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ColoBuzzRudie
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PostPosted: Tue Nov 18, 2008 9:09 am   Post subject:   

Insurance scores are quite like the credit scores but different. Your insurance score should never be shared with some one else. It is very difficult to know the functionality of insurance scores. Your credit score information and other associated data would be processed to determine your insurance score.


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BarbieL
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PostPosted: Tue Nov 18, 2008 9:21 am   Post subject:   

well, at the outset I'd like to thank you for raising this issue since many clients still don't know about the existence of insurance score and many of the insurers will not discuss this before their clients.



The credit based insurance score or the insurance risk score is derived from the financial record that the insurer receives from the three credit reporting agencies. The insurer assumes that a client with lower credit score is at greater risk of filing insurance claim. And depending upon this believe the customer may be asked to pay more towards the coverage than the average rate.

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PostPosted: Tue Nov 18, 2008 9:23 am   Post subject:   

My friend..its certainly a strange thing that all insurance scores are not alike. The sources of such scores are different owing to the softwares that determine them. It would fetch your credit information along with the other vital financial information that you would provide in your insurance application. Crossbreed


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Crossbreed
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PostPosted: Tue Nov 18, 2008 11:22 am   Post subject:   

Insurance scores are mostly concerned with your insurance company's profit. Each company has its own way of arriving at such scores that would help them secure the maximum profits. Their input-output relation could be explained through the multivariate analysis.


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Purpleheaded08
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PostPosted: Tue Nov 18, 2008 11:32 am   Post subject:   

Hi all,



I think its quite some time now that the insurance companies are using insurance scores as a financial tool. They would go through all of your credit information in order to determine your profitability being an insurance consumer for them.

Just like the FICO score, the insurance score might just hold some significance. These scores would definitely help our carriers to evaluate the risks associated with covering us. Roddick

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PostPosted: Tue Nov 18, 2008 11:50 am   Post subject:   

Yes my friend, your insurance scores would need to be good in order to let you lead a healthy life. Remember that your insurance carrier has the right to alter your premium rates or stop your coverage renewal. All these would be done on the basis of insurance score reviews conducted by your carrier from time to time. Caromel_merquez


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Caromel_merquez
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PostPosted: Tue Nov 18, 2008 12:57 pm   Post subject:   

Hi,

It would be very difficult for us to know the formula that is used to calculate such scores. But I'm sure that the factors that are being considered to determine your credit score would have a great impact on your insurance score as well.

If you'd keep away from insolvency, payment delays and mounting debts, it would certainly help you to achieve a good insurance score. Properly managed accounts and less inquiries would surely help you!

Fatman

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PostPosted: Tue Nov 18, 2008 1:11 pm   Post subject:   

Hi..there are quite a few other factors which would influence your insurance rates. Your information with bodies like the MIB could reflect some vital truth about you. These facts would also be considered by insurance carriers apart from your insurance scores. Roddick

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PostPosted: Wed Nov 19, 2008 1:16 am   Post subject:   

I attended a meeting my company puts on on Ohio. All of the other adjusters are there. I met this really nice girl that works as an adjuster in PA. We hit it off really well.



Insurance score!

tcope
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tcope
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PostPosted: Wed Nov 19, 2008 2:28 am   Post subject:   

HA HA HA HA...I loved this one!!!! Good just tooo good. Only you t-scope. LOL

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