Premium is for compulsory insurance

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Reference no: EM131897969

To an insurer, you are a statistic. Your premiums are based on your risk factors, including your credit rating. Bad credit increases the amount you pay for your premiums. Make certain to check your credit report annually for accuracy. Only premium for bodily injury and property damage should be calculated, not the whole premium. (Use tables 20.5, 20.6, 20.7)

a. Calculate the premium for someone in class 20 for 10/20/5. Note: This premium is for compulsory insurance.

Premium $

b. Determine how much the premium will be for class 20, 50/100/50.

Premium $

c. What is the difference between the two?

Difference $

Reference no: EM131897969

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