An insurance score, also known as an insurance credit score, is a numerical rating used to assess the risk associated with an individual or entity. It is derived from an analysis of the person’s credit history and other relevant factors.
The insurance rating system is based on various aspects, including the individual’s credit history, payment patterns, outstanding debt, length of credit history, claims history and recent credit inquiries. Companies use this information to evaluate the likelihood of the person filing claims and their overall risk profile. A higher insurance score generally indicates a lower risk, which can result in more favorable premiums or coverage terms.
It is important to note that a score is different from a traditional credit score used by lenders and financial institutions. Insurers use specific algorithms and rating systems to calculate scores that are tailored to the industry and risk assessment.
The use of this tool is subject to legal and regulatory guidelines, and their impact on premiums and coverage may vary depending on the jurisdiction.
At PSIC, the insurance score includes your claims history, which is combined with your financial risk, to determine your profile and decide your coverage.Remember that your insurance score impacts your level of insurability.
It is important to note that this is just one of the factors considered, and we strive to provide fair and accurate assessments to know that you receive the appropriate protection for your needs.
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Copyright © McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 17486061 The insurance policy, not the contents of this website, forms the contract between the insured and the insurance company. The policy may contain limits, exclusions and limitations that are not detailed on this website. Coverage may differ by state.
Privacy Notice at Collection for CA employees
Last updated: June 27, 2023
We take the privacy of our employees and applicants very seriously. Please read this notice carefully as it contains important information on the personal information that we collect, why we collect it, how long we keep it, and that it is not sold to third parties.
Other terms used but not defined will have the meaning set forth in the CCPA, as amended by the CPRA, Cal. Civ. Code §§ 1798.100—1798.199.100, and accompanying regulations set forth under Cal. Code Regs. tit. 11, § 7000 et seq.
Categories of Personal Information Collected
Purposes for Collecting and Using Your Personal Information
Managing Human Resource Functions:
Conducting business operations:
Monitoring:
Compliance with:
Investigating:
We will not retain your personal information for longer than necessary for the purposes set out in this notice. Different retention periods apply for different types of personal information.
When it is no longer necessary to retain your personal information, we will delete or anonymize it.