Published: 01 Nov 2022 › Updated: 01 Nov 2022
LeoGlossary: Usage Based Insurance
This is a business model used by insurance companies whereby the rates of premiums is based upon the behavior of the policyholder. We see this becoming popular with automotive insurance where the tracking devices in the vehicles assess how the driver behaves, assigning a score. This affects the premiums charged.
Health insurance also utilizes this model.
General:
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