Insurers Warn N.J. Not to Restrict Use of Education, Job Status in Rating
East News • March 6, 2007
New Jersey drivers could see a return to high prices and fewer choices for their insurance if legislators limit the use occupation and education as rating factors, insurers warned lawmakers at a ...
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Subject: Generalities don't work as well
Posted On: March 6, 2007, 3:24 pm CST
Posted By: old timer
Comment:
I have to line up against using generalities in underwriting. I understand why a big company like Geico would want to. It is simple; you draw a little box around some generalities, and then anyone with a high school diploma can see if the underwriting fits in the box. I don't give one wit about discrimination, I just think it is bad underwriting. Look at clients as individuals, look at their track record, their loss history. Keep the generalities to a minimum.
Subject: Generalities don't work as well