risk classification

SUBMITTED BY: L319A

DATE: Sept. 28, 2016, 5:23 p.m.

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  1. risk classification
  2. The process by which a company decides how its premium rates for life
  3. insurance should differ according to the risk characteristics of individuals
  4. insured (for example, age, occupation, sex, state of health) and then applies
  5. the resulting rules to individual applications.
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