Major Factors That Affect Insurance Premium

1. DMV Records:

Ticket history and past involvement in accidents are major elements. Annual mileage also helps determine the likelihood of road accidents. The logical explanation is that the more time a car spends on the road increases the risk of incidents and the other way around. Clean records with no violation and incident-free experience indicate that the policyholder is a low-risk driver who deserves affordable premium.

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Condo, Coop and HOA Master Insurance Premium

I’m sure that a lot of condo/coop & HOA board members have the following question: how come on my Automobile & HO-6 Insurance policies I pay the premiums directly to the insurance carrier, and I have the option of monthly installments, whereas on the condo/coop or HOA master insurance policy I have to pay the premiums to my agent or broker, and the premium has to be paid in full upon binding of the policy and if I can’t afford to pay it in full then we have to get premium financing? That’s a very good question, and it all comes down to 2 main ways that insurance premiums are being charged:

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Understanding Life Insurance Premium Financing

Life insurance premium financing is a complex concept of life insurance formed to let affluent people acquire enormous amounts of policy while settling some of the costs of the policy at the same time. Premium financing will be possible if there will be collaboration of at least two financial institutions. The policy holder must be old enough for the premium financing agreement to be fit for this sort of arrangement. This arrangement usually requires that the individual should be older than age 70 but younger than age 84. In addition, the insured should be in good health to get a life insurance and must also have a net worth of at least $5 million.

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