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Underwriting and Rate Setting

How are factors – such as consumer demographic and medical information – considered to set rates that are both affordable for consumers and sustainable for the system?

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Medical Underwriting

Policy Definition: A process used by insurance companies to try to figure out your health status when you're applying for health insurance coverage to determine whether to offer you coverage, at what price, and with what exclusions or limits. source

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Rate Banding

Policy Definition: Rate banding is a form of setting rates that limit the variation in premiums attributable to age, health status and other characteristics. Rating bands are either expressed as a ratio of the highest rating factor to the lowest (e.g. 1.5:1) or as the allowable variation above and below an index rate (e.g. +/- 30%). source

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