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August 31, 2004

Actuary defends insurers' use of credit history

A few home insurers in Canada now penalize policyholders with surcharges of up to 60 per cent based wholly or in part on the person's credit history.

A consumer with no record of insurance claims could end up paying a higher premium at the time of a renewal because he or she defaulted on a debt, was late on payments or merely applied for and used aggressively some new sources of credit.

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Posted by Tom Troceen


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