Safe Driver Plan
Procedure for offering reduced auto insurance rates to drivers with good records, and imposing higher rates on bad drivers. Typically, premiums are weighted under a system that assigns points for traffic violations and accidents. The more points awarded during a certain rating period, the higher the premium. Most plans consider violations only during the past two or three years, giving bad drivers who improve their records a chance to reduce their premiums.
Popular Insurance Terms
Plan whereby adjustments are made in the premium, as the premium increases to reflect the non proportionate increases in expenses. Generally, the expenses of acquisition costs, ...
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Same as term: engineering approach; human approach ...
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in property and casualty insurance, termination of a policy because of failure to pay a renewal premium. in life insurance, termination of a policy because of failure to pay a premium and ...
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