Personal Auto Insurance: How Premiums Are Determined

Overview

Determining the cost of auto insurance is complex, as pricing depends on numerous factors and varied rating principles, leading to different premiums for the same coverage. This course explores the principles of auto insurance rating, reviews common pricing factors for individuals and families, and discusses the reasoning behind these factors, without delving into the specifics of rate calculation or proprietary formulas.

Find this course for your license

License or Certification

Regulator

Objectives

Identify reasons for the use of class rating in pricing personal auto insurance
Recognize factors affecting the type and number of rating classifications an insurer might use
Identify rating factors commonly used in rating personal auto insurance and recognize the rationale behind each factor
Recognize the innovative rating approaches emerging from the introduction of usage-based insurance and telematics

Designed For:

Property and casualty insurance professionals in all stages of their career

International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference publications, and is considered the ultimate authority by leading insurance practitioners. Written by industry experts, IRMI courses provide the most up-to-date, practical and reliable information possible.

Course Information

Adding additional credit may change exam requirements.

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