Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Property - Casualty / General Insurance
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions

Search Actuarial Jobs by State @ DWSimpson.com:
AL AK AR AZ CA CO CT DE FL GA HI ID IL IN IA KS KY LA
ME MD MA MI MN MS MO MT NE NH NJ NM NY NV NC ND
OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY

Reply
 
Thread Tools Display Modes
  #151  
Old 06-27-2017, 02:12 PM
Vorian Atreides's Avatar
Vorian Atreides Vorian Atreides is online now
Wiki/Note Contributor
CAS
 
Join Date: Apr 2005
Location: Hitler's Secret Bunker
Studying for ACAS
College: Hard Knocks
Favorite beer: Sam Adams Cherry Wheat
Posts: 60,293
Default

The thing with Renter's insurance is that it is rarely mandated (unlike general home owners or condo unitowners coverage being required by a mortgage company). Most youthfuls will look at the "cost of coverage" and the "amount of beer that cost could buy" and make their decisions accordingly.
__________________
I find your lack of faith disturbing

Why should I worry about dying? Itís not going to happen in my lifetime!


Freedom of speech is not a license to discourtesy

#BLACKMATTERLIVES
Reply With Quote
  #152  
Old 06-27-2017, 02:47 PM
MightySchoop's Avatar
MightySchoop MightySchoop is offline
Member
CAS AAA
 
Join Date: Aug 2009
Location: Insula Primalis
Posts: 6,693
Default

Quote:
Originally Posted by Vorian Atreides View Post
The thing with Renter's insurance is that it is rarely mandated (unlike general home owners or condo unitowners coverage being required by a mortgage company). Most youthfuls will look at the "cost of coverage" and the "amount of beer that cost could buy" and make their decisions accordingly.
Aye, and with more people buying the mandated car insurance online, even fewer of them have a face-to-face with an agent to explain what a good deal Renters really is.
Reply With Quote
  #153  
Old 06-27-2017, 02:51 PM
MountainHawk's Avatar
MountainHawk MountainHawk is offline
Member
CAS AAA
 
Join Date: Dec 2001
Location: Salem, MA
Studying for Nothing!!!!
College: Lehigh University Alum
Favorite beer: Yuengling
Posts: 64,850
Default

Quote:
Originally Posted by MightySchoop View Post
Aye, and with more people buying the mandated car insurance online, even fewer of them have a face-to-face with an agent to explain what a good deal Renters really is.
Yeah, when I rented, I had an agent, and he pointed out that the multi-policy discount on my auto policy was more than the renters premium --- only reason I bought it.
__________________

Play in the AO Prediction Game now!



1
Reply With Quote
  #154  
Old 06-27-2017, 07:04 PM
ActSciMan's Avatar
ActSciMan ActSciMan is offline
Member
CAS
 
Join Date: Nov 2010
Studying for data science
Posts: 1,849
Default

Quote:
Originally Posted by therealsylvos View Post
That's what he's talking about. Lemonade wanted to sell to an untapped market, and it looks like they're succeeding.
To clarify further, they are the leader in:
  • First-time buyers
  • In New York
  • Of Renters insurance, a small chunk of homeowners premium I'm assuming
  • With an error margin of +/-10 points on that 27%, meaning that the whole claim may not even be true

They do have the advantage of being brand new as far as not being stuck in ancient technology, as mentioned above. Even when companies update to some new system, they still have to deal with all the other old systems that exist and are connected to the parts that are new.

Last edited by ActSciMan; 06-27-2017 at 07:08 PM..
Reply With Quote
  #155  
Old 06-27-2017, 07:42 PM
redearedslider's Avatar
redearedslider redearedslider is offline
Member
CAS
 
Join Date: Oct 2015
Posts: 12,416
Default

Quote:
Originally Posted by MountainHawk View Post
Yeah, when I rented, I had an agent, and he pointed out that the multi-policy discount on my auto policy was more than the renters premium --- only reason I bought it.


__________________
Quote:
Originally Posted by Abraham Weishaus View Post
ASM does not have a discussion of stimulation, but considering how boring the manual is, maybe it would be a good idea.
Reply With Quote
  #156  
Old 07-12-2017, 02:15 PM
JoeGot JoeGot is offline
Member
SOA AAA
 
Join Date: Aug 2013
Location: ny
College: YU
Posts: 223
Default

anyone know the details why they have their Giveback to charities and not as a premium refund?
Reply With Quote
  #157  
Old 07-12-2017, 02:41 PM
Schroeder's Avatar
Schroeder Schroeder is offline
Member
CAS AAA
 
Join Date: Dec 2001
Location: Next Door to Charlie Brown
Posts: 252
Default

Quote:
Originally Posted by JoeGot View Post
anyone know the details why they have their Giveback to charities and not as a premium refund?
When I heard their Underwriting Officer speak he just said that they were having trouble with the DOI's on the refund piece. He did not go into many details.
Reply With Quote
  #158  
Old 07-12-2017, 03:30 PM
Colymbosathon ecplecticos's Avatar
Colymbosathon ecplecticos Colymbosathon ecplecticos is offline
Member
 
Join Date: Dec 2003
Posts: 5,758
Default

Quote:
Originally Posted by Schroeder View Post
When I heard their Underwriting Officer speak he just said that they were having trouble with the DOI's on the refund piece. He did not go into many details.
Just guessing, but state laws and actuarial standards require that premiums be adequate. Refunding the "excess" premium may violate that (assuming that the cost of capital is positive.)
__________________
"What do you mean I don't have the prerequisites for this class? I've failed it twice before!"
Reply With Quote
  #159  
Old 07-12-2017, 03:58 PM
Vorian Atreides's Avatar
Vorian Atreides Vorian Atreides is online now
Wiki/Note Contributor
CAS
 
Join Date: Apr 2005
Location: Hitler's Secret Bunker
Studying for ACAS
College: Hard Knocks
Favorite beer: Sam Adams Cherry Wheat
Posts: 60,293
Default

Quote:
Originally Posted by JoeGot View Post
anyone know the details why they have their Giveback to charities and not as a premium refund?
As I read some of the "fine print" about the Giveback, it's done once the company determines that all losses for the year in which the premium was collected has been paid (fully developed) and that the particular policyholder is still an active policyholder.

So it might be a slick way of actually realizing more profit if a policyholder leaves before the Giveback is determined.
__________________
I find your lack of faith disturbing

Why should I worry about dying? Itís not going to happen in my lifetime!


Freedom of speech is not a license to discourtesy

#BLACKMATTERLIVES
Reply With Quote
  #160  
Old 07-12-2017, 10:29 PM
r. mutt's Avatar
r. mutt r. mutt is offline
Member
 
Join Date: May 2002
Location: Extreme fever swamps of the left
Posts: 10,081
Default

Quote:
Originally Posted by Colymbosathon ecplecticos View Post
Just guessing, but state laws and actuarial standards require that premiums be adequate. Refunding the "excess" premium may violate that (assuming that the cost of capital is positive.)
Would that be different from a dividend?
__________________
(\ (\
( ^_^)
(_(")(") It all comes full akchigs eventually. ~ Full-On Devi
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 07:35 PM.


Powered by vBulletin®
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.31343 seconds with 9 queries