An insurance score - also called an insurance credit score - is a numerical point system based on select credit report characteristics. There is no direct relationship to financial credit scores used in lending decisions, as insurance scores are not intended to measure creditworthiness, but rather to predict risk. Insurance companies use insurance scores for underwriting decisions, and to partially determine charges for premiums. Insurance scores are applied in personal product lines, namely homeowners and private passenger automobile insurance, and typically not elsewhere.
Read more about Insurance Score: Background, Support and Opposition, Public Information, Key Reports and Studies
Famous quotes containing the words insurance and/or score:
“Before I get through with you, you will have a clear case for divorce and so will my wife. Now, the first thing to do is arrange for a settlement. You take the children, your husband takes the house, Junior burns down the house, you take the insurance and I take you!”
—S.J. Perelman, U.S. screenwriter, Arthur Sheekman, Will Johnstone, and Norman Z. McLeod. Groucho Marx, Monkey Business, terms for a divorce settlement proposed while trying to woo Lucille Briggs (Thelma Todd)
“Earthly minds, like mud walls, resist the strongest batteries: and though, perhaps, sometimes the force of a clear argument may make some impression, yet they nevertheless stand firm, and keep out the enemy, truth, that would captivate or disturb them. Tell a man passionately in love, that he is jilted; bring a score of witnesses of the falsehood of his mistress, it is ten to one but three kind words of hers shall invalidate all their testimonies.”
—John Locke (1632–1704)