General insurance Assignment Example | Topics and Well Written Essays - 500 words

General insurance - Assignment ExampleFollowing are the three ways to deal with insurable risks1. Personal factors of the driver such as age, gender, marital status is considered before deciding the premium. Young people who have had drivers training are considered less risk and thusly given a lower premium. Similarly people who have had no accidents while driving are also considered less risk. Thus the personal characteristics are considered while calculating the premium.2. Type of car is also an important factor while calculating the premium because of the variation in the repair cost. A compelling car will have increased liability and higher accident benefits premiums.3. Use of car is another important factor in determining the premium. If to a greater extent than one person drives the car and car is driven for long kilometers can also affect the risk. Similarly car used for home purpose has diametric premium than a car used for business purpose.Answer Apersonal property float er is a policy that has taken into consideration on the whole of theinsuredspropertyin any location, and irrespective of where the insured is at the time ofloss. This is an allperilscoveragethatdoesnt provide coverage for certain events, such as war