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Age of Applicants for life insurance and the premium of insurance – correlations are
- a)Positive
- b)Negative
- c)Zero
- d)None
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Age of Applicants for life insurance and the premium of insurance &nda...
Explanation:
- As age increases, the risk of mortality generally increases. 1. Exponential increase in mortality with age is a generic property of a simple model system of damage accumulation and death | PLOS ONEjournals.plos.org
- Insurance companies assess this risk and charge higher premiums to cover the increased likelihood of a claim.
Therefore, there is a positive correlation between the age of applicants for life insurance and the premium of insurance.
Most Upvoted Answer
Age of Applicants for life insurance and the premium of insurance &nda...
However, in general, the age of the applicant is a significant factor in determining the premium of life insurance. Younger individuals typically pay lower premiums since they are considered to be at lower risk of death than older individuals. As individuals age, their health risks increase, and therefore, the premium for life insurance also increases. Additionally, the type of life insurance policy, such as term or whole life insurance, and the amount of coverage also impact the premium.
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Age of Applicants for life insurance and the premium of insurance &nda...
Y =a+ bx then y is value.
a) Dependent variable b) Independent variable
c)-Intercept d) None of these
a) Dependent variable b) Independent variable
c)-Intercept d) None of these
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Age of Applicants for life insurance and the premium of insurance – correlations area)Positiveb)Negativec)Zerod)NoneCorrect answer is option 'A'. Can you explain this answer?
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