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What factors affect the cost of Insurance?

The factors that can affect the cost of insurance include:
» The likelihood of a loss occurring —The greater the probability a loss will occur the higher the rate. E.g. Floods Insurance in parts of North-east India.
» Purchase of a large amount of coverage (that is, if the item you are insuring is quite valuable) -- The chances are there could be a large claim and the premium will need to cover that possibility.

NON LIFE INSURANCE - FAQ :

What are the different ways to buy general Insurance?
What is the difference between an Agent and a Broker?
What should I look for in an agent?
Is it necessary to buy insurance through an agent?
What services does a broker provide?
What factors affect the cost of Insurance?
What is Underwriting?
What is Reinsurance?
Who do you file your claim with?
What are the things to be taken care of while filing a claim?
What happens after a claim has been filed?
What impact does a deductible have while settling a claim?
Who keeps an eye on the Insurance companies?
   
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