What is a Farmers Risk Assessment Indicator?
A Farmers Risk Assessment Indicator is a code developed from and based upon credit report information. Depending on the kind of policy, Farmers’ underwriters may use this indicator along with motor vehicle records, loss reports and/or other information to rate auto and/or homeowner insurance policies. Risk Assessment Indicators are highly predictive of future claims activities, and the use of indicators allows Farmers to charge customers a rate that is appropriate to the risk insured.
A Farmers Risk Assessment Indicator is a code developed from and based upon credit report information. Depending on the kind of policy, Farmers’underwriters may use this indicator along with motor vehicle records, loss reports and/or other information to rate Auto and/or Homeowner insurance policies. Risk Assessment Indicators are highly predictive of future claimsactivities, and the use of indicators allows Farmers to charge customers a rate that is appropriate to the risk insured.
A Farmers Risk Assessment Indicator is a numerical score based on credit report information. Depending on the kind of policy, Farmers’ underwriters may use the resulting indicator along with motor vehicle records, loss reports and other application information to evaluate Auto and Homeowner insurance policies. It helps answer the question, “If we accept this applicant or renew this policy, will we likely be exposed to more losses than our collected premiums will allow us to handle?
A Farmers Risk Assessment Indicator is a score based on credit report information. Depending on the kind of policy, Farmers’ underwriters may use the resulting indicator along with motor vehicle records, loss reports and other application information to evaluate Auto and Homeowner insurance policies. It helps answer the question, “If we accept this applicant or renew this policy, will we likely be exposed to more losses than our collected premiums will allow us to handle?
Related Questions
- Whats not included in a Risk Assessment Indicator? Risk Assessment Indicators do not use the following information: Ethnic group Marital Status Religion Nationality Age Familial Status Income Disability Gender Address Can I improve my indicator and, if so, how?
- What does the risk assessment indicator mean?
- What is a Farmers Risk Assessment Indicator?
