An Insurance Company Evaluates Many Numerical Variables About a Person

question 62

Short Answer

An insurance company evaluates many numerical variables about a person before deciding on an appropriate rate for automobile insurance.The number of claims a person has made in the last 3 years is an example of a numerical variable.

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Definitions:

Unionized

The status of employees or a workforce that is represented by a labor union, which negotiates wages, working conditions, and other employment terms on their behalf.

Suggestions Implemented

Refers to the proposals or recommendations that have been put into action or operationalized.

Auto Parts

Components and accessories used in the manufacture, repair, or enhancement of automobiles, including items such as brakes, engines, and body parts.

Team-based Financial Incentives

Compensation or bonuses given to teams based on their collective performance or achievements, aimed at increasing productivity and fostering collaboration.