Why an insurance company prices-determines a premium

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Discuss how and why an Insurance Company prices/determines a premium. For example, why does an 18 year old male, living in Astoria, Queens, driving a 2016 Corvette, pay a higher premium on his Auto Insurance policy than a 53 year old male, living in Montana, driving a 2015 Honda Accord.

Reference no: EM131026111

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