This video is about Homeowner’s insurance premium calculation. Each insurance carrier has its own algorithm and rating factors to calculate premiums. This quick-bite video is all about providing an example and sample formula to explain the concept of how rating works. This rating algorithm is not specific to any insurance carrier or any COTS product. Examples are given just for you to understand the process and concept. This video takes you step by step through:
- The data needed for homeowners insurance rating
- Identifying the rating factor for premium calculation
- Sample formula for rating
- Applying the formula and calculating the premium
- Rating process
Please note that the focus of the video and the examples given are applicable to US geography. Please select the link below to watch the video and give it a thumbs up if you like it.