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October 26, 2009

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Jim C

How large was this group?

Kathryn West, CLU, REBC, RHU

While it seems unfair that this company received a 1% rate increase it really isn't. The increase was related to the entire pool's experience, not just the individual group. While a pooling charge may seem unfair when a group is having a good claims year, they benefit in those years when they may have one or more catastrophic claims. Insurance is all about pooling. Without it there would be no need for insurance because everyone would be responsible for their own incurred claims. That's a scary thought.

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