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Calculate Insurance Premium

Erika Said:

I heard, (insurance) Premium = "_ divided by _" But what are the 2 things we divide?

We Answered:

You just asked this yesterday. You'll have to ask whoever you heard it from.

Premiums really ARE the cost of claims plus operating expenses, divided among all the policyholders.

Catherine Said:

How is insurance premium calculated , especially credit risk insurance?. (This is for a non life business)?

We Answered:

Well, it varies from state to state, and with the policy type. Would you like a homeowners example, or an auto example?

Discuss It!