The Impact of Credit-Based Insurance Scoring on the Availability and Affordability of Insurance - Part I
National News • September 24, 2008
Following is the testimony presented by Lawrence S. Powell, PhD before the United States House of Representatives Financial Services Committee Oversight & Investigations Subcommittee on May 21, ...
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Subject: RE: RE: RE: RE: Re: The Impact of Credit-Based Insurance Sco
Posted On: September 29, 2008, 11:54 am CDT
Posted By: nobody important
Comment:
There you go again. It is one of many pricing tools. The arguement is always that this is giving up the rest of the tools we use to price and underwrite. Fact, those with poor insurance scores file more claims. What is so hard to understand about those with worse scores paying more? Those with poor credit scores pay higher rates. Why? The arguements against credit scoring are foolish and non-factual. But, we will lose the arguement in the end because appearance is much more important than facts. Yes, this type of idiotic nonsense irritates me as it should for anyone with sense. By the way, I have been in insurance company management for over 30 years myself. So what? It's what you learn and use that matters, not the number of years.
Subject: RE: RE: RE: RE: Re: The Impact of Credit-Based Insurance Sco