Insurance Audit (Insurance & Financial Protection) - Definition, Examples, Advice | Bolder Money

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Definition

A review of an insurance company’s policies and procedures. Audits help ensure that claims are processed fairly and efficiently.

What to consider

Understand the criteria used for risk grading.
Improve your risk grade by managing risk factors.
Review grading results to anticipate premium changes.

Real world scenarios

An insurer used risk grading to assign a score to a new applicant based on health and lifestyle factors.
A business was risk graded to determine the appropriate premium for its liability insurance.
An individual's risk grading affected the premium on his auto policy.

Related terms

Insurance & Financial Protection

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