Define: "Rated Policy"
To assess your risk profile, we perform a risk appraisal — a process in which an insurance company reviews information about you, such as the state of your health, your financial situation, and, if necessary, whether your job and hobbies impact your risk profile.
An applicant will typically apply for the most favorable risk class available, and over 80% of the time we will be able to offer a policy in that class after the risk appraisal is completed. Sometimes, however, an additional premium (rating) may be needed to cover an aspect of your risk profile that makes you a less favorable risk. The amount of the additional premium will vary with the degree of extra risk involved, and can also vary by insurance plan.
A policy issued at a substandard rating class based on underwriting guidelines.
"If your policy is rated, it does not mean that you aren't going to live as long as someone without a rating. There is no way to predict how risk factors will affect specific individuals. "
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