The Use of Credit Information in Personal Lines Insurance Underwriting
- Topics:
- Insurance
- Tags:
- Business Operations,
- Corporate Insurance,
- Credit History,
- Finance,
- Financial Planning,
- Insurance,
- Insurance Company,
- Insurance Information Institute
- Source:
- Insurance Information Institute
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Overview: Credit, and the ability to access it and manage it, is an integral part of everyday life. Today, credit records affect getting a job, finding a place to live, securing a loan, setting up telephone service and buying insurance. Most consumers benefit from the use of credit information because most people manage their debt well and therefore have good credit histories. This paper discusses the use of credit information by the financial services industry, which has been widespread for a long time, and credit has become a key tool for insurers. Commercial insurers have for decades reviewed the credit history of businesses before issuing certain types of policies. One reason for this is that businesses in poor financial condition might tend to cut back on maintenance and safety, which may lead to more accidents, injuries and claims.
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Format: PDF | Size: 403KB | Date: Jun 2003 | Pages: 20
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