Do you think consumers should be charged for insurance at a rate that is based on...

Do you think consumers should be charged for insurance at a rate that is based on their risk assessment?

Expert Solution

No, consumers should not be charged for insurance at a rate that is based on their risk assessment rather they should only be charged on the basis of driving related risk factors, health related risk factors, etc depending upon the type of insurance they are taking.

Insurance companies determine the insurance premium rates depending upon the age, gender, etc of the people which is discrimination. As most of the automobile insurance companies charges lower insurance rates to women than men and many health insurance companies charges more to women than men. Also, insurance rates are higher for young population than older ones. Health insurance premiums can differ on the basis of age and health because older age is riskier to health diseases but in other kind of insurances charging differently on the basis of age is biasness.

keosha answered 2 years ago

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