General insurance Assignment Example | Topics and Well Written Essays - 500 words

General insurance - Assignment Example Following are the three ways to deal with insurable risks 1. Personal factors of the driver such as age, gender, marital status is considered before deciding the premium. Young people who have had driver’s training are considered less risk and hence given a lower premium. Similarly people who have had no accidents while driving are also considered less risk. Thus the personal characteristics are considered while calculating the premium. 2. Type of car is also an important factor while calculating the premium because of the variation in the repair cost. A powerful car will have increased liability and higher accident benefits premiums. 3. Use of car is another important factor in determining the premium. If more than one person drives the car and car is driven for long kilometers can also affect the risk. Similarly car used for home purpose has different premium than a car used for business purpose. Answer: A  personal property floater is a policy that has taken into consideration  all of the  insureds  property  in any location, and irrespective of where the insured is at the time of  loss. This is an all  perils  coverage  that  doesn’t provide coverage for certain events, such as war