Quote:
Originally Posted by tophcfa
Some states use attained age ratings, some use issue age ratings, and other states use community age ratings. as I get older.
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I didn’t know age was so variable.
Attained Age Ratings premiums are based on the policyholder's current age at the time of renewal or premium calculation.
- Premiums increase as the policyholder ages, reflecting the higher risk associated with older age.
Issue Age Ratings Premiums are based on the policyholder's age at the time the policy is purchased.
- Premiums remain constant based on the issue age and do not increase as the policyholder gets older, though they may rise due to inflation or other factors.
Community Ratings Premiums are the same for everyone in a specific geographic area or "community," regardless of age or other individual risk factors like health status.
- Premiums may vary by location or plan type but not by individual age or health.
In Sumter County, most insurers use attained age.