Credit-Based Insurance Scores : Impacts on Consumers of Automobile Insurance.
Martin H. Tarlington
Bok Engelsk 2009 · Electronic books.
| Omfang | 1 online resource (165 pages)
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| Utgave | 1st ed.
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| Opplysninger | Intro -- CREDIT-BASED INSURANCE SCORES: IMPACTS ON CONSUMERS OF AUTOMOBILE INSURANCE -- CREDIT-BASED INSURANCE SCORES: IMPACTS ON CONSUMERS OF AUTOMOBILE INSURANCE -- CONTENTS -- PREFACE* -- Chapter 1 I. EXECUTIVE SUMMARY -- Chapter 2 II. INTRODUCTION -- Chapter 3 III. DEVELOPMENT AND USE OF CREDIT-BASED INSURANCE SCORES -- A. BACKGROUND AND HISTORICAL EXPERIENCE -- B. DEVELOPMENT OF CREDIT-BASED INSURANCE SCORES -- C. USE OF CREDIT-BASED INSURANCE SCORES -- D. STATE RESTRICTIONS ON SCORES -- Chapter 4 IV. THE RELATIONSHIP BETWEEN CREDIT HISTORY AND RISK -- A. CORRELATION BETWEEN CREDIT HISTORY AND RISK -- 1. Prior Research -- 2. Commission Research -- a. FTC Database -- b. Other Data Sources -- B. POTENTIAL CAUSAL LINK BETWEEN SCORES AND RISK -- Chapter 5 V. EFFECT OF CREDIT-BASED INSURANCE SCORES ON PRICE AND AVAILABILITY -- A. CREDIT-BASED INSURANCE SCORES AND CROSS-SUBSIDIZATION -- 1. Possible Impact on Car Ownership -- 2. Possible Impact on Uninsured Driving -- 3. Adverse Selection -- B. OTHER POSSIBLE EFFECTS OF CREDIT-BASED INSURANCE SCORES -- C. EFFECTS ON RESIDUAL MARKETS FOR AUTOMOBILE INSURANCE -- Chapter 6 VI. EFFECTS OF SCORES ON PROTECTED CLASSES OF CONSUMERS -- A. Credit-Based Insurance Scores and Racial, Ethnic, and Income Groups -- 1. Difference in Scores Across Groups -- 2. Possible Reasons for Differences in Scores Across Groups -- 3. Impact of Differences in Scores on Premiums Paid -- a. Effect on those for whom Scores Were Available -- b. Effect on Those for Whom Scores Were Not Available -- B. SCORES AS A PROXY FOR RACE AND ETHNICITY -- 1. Do Scores Act Solely as a Proxy for Race, Ethnicity, or Income? -- 2. Differences in Average Risk by Race, Ethnicity, and Income -- 3. Controlling for Race, Ethnicity, and Income to Test for a Proxy Effect -- a. Existence of a Proxy Effect.. - D.2.1.3. Modeling Total Claims Cost ("Pure Premiums") -- D.2.2. Bootstrapping Significance Tests -- D.2.3. Variables Used in the Risk Models -- Credit-Based Insurance Score Decile -- Race/Ethnicity -- Tract-Level Income -- Age / Gender / Marital Status -- Territorial Risk -- CLUE Data -- CLUE Data - Prior Uninsured Motorist / Underinsured Motorist Claims -- CLUE Data - Prior Bodily Injury / Property Damage Claims -- CLUE Data - Prior Collision / Medical Payments / Personal Injury Claims -- CLUE Data - Prior Comprehensive-Only Claims -- CLUE Data - Prior Towing and Labor-Only Claims -- CLUE Data - Prior Rental Reimbursement Claims -- Number of Accidents -- Number of Violations -- Tenure -- Property Damage Liability Limits -- Bodily Injury Liability Limits -- State Minimums -- Collision Deductible -- Comprehensive Deductible -- Annual Mileage -- Principal / Occasional Driver -- Use -- Homeowner -- Multi-line Discount -- Multi-Car -- State -- Model Year -- Body Type -- Restraint System -- Displacement -- APPENDIX E. THE SCORE BUILDING PROCEDURES -- E. 1. DEVELOPING THE FTC BASE MODEL -- E.2. DEVELOPING "RACE NEUTRAL" MODELS -- E.3. DISCOUNTING VARIABLES FOR DIFFERENCES ACROSS RACIAL AND ETHNIC GROUPS -- APPENDIX F. ROBUSTNESS CHECKS AND LIMITATIONS OF THE ANALYSIS -- F.1. LIMITATIONS OF THE DATA AND THE ANALYSIS -- No Information on People who did not Obtain Insurance -- Single National Model -- Pooled Company Data -- Sub-Sample of Industry -- Territorial Risk Variable -- F.2. ROBUSTNESS CHECKS -- FICO Score -- No Nationally Representative Weights -- Outliers -- Full-Sample Models -- Census-Only Race and Ethnicity Data -- Absolute Income Measure -- Race and Ethnicity Imputation Cut-Offs -- High-Risk Sub-Group -- Estimating Total Losses by Modeling Frequency and Severity Separately -- Single Combined-Coverage Model -- "Tiering".. - Number of Score Categories -- Number of Geographic Risk Categories -- REFERENCES -- LIST OF CONTRIBUTORS -- FEDERAL TRADE COMMISSION -- Bureau of Economics -- Bureau of Consumer Protection -- Analysis Team -- Other Contributors -- INDEX -- Blank Page.. - b. Magnitude of a Proxy Effect -- Chapter 7 VII. ALTERNATIVE SCORING MODELS -- A. THE FTC BASELINE MODEL -- B. ALTERNATIVE SCORING MODELS -- 1. "Race Neutral" Scoring Models -- 2. Model Discounting Variables with Large Differences by Race and Ethnicity -- Chapter 8 VIII. CONCLUSION -- APPENDIX A. TEXT OF SECTION 215 OF THE FACT ACT -- SEC. 215. STUDY OF EFFECTS OF CREDIT SCORES AND CREDIT- BASED INSURANCE SCORES ON AVAILABILITY AND AFFORDABILITY OF FINANCIAL PRODUCTS -- APPENDIX B. REQUESTS FOR PUBLIC COMMENT -- FEDERAL TRADE COMMISSION -- SUMMARY -- DATES -- ADDRESSES -- FOR FURTHER INFORMATION CONTACT -- SUPPLEMENTARY INFORMATION -- I. Background -- II. Request for Comments -- FEDERAL TRADE COMMISSION -- SUMMARY -- DATES -- ADDRESSES -- FOR FURTHER INFORMATION CONTACT -- SUPPLEMENTARY INFORMATION -- I. Background -- II. Request for Comments -- A. Credit Scores and Credit -- B. Credit-Based Insurance Scores and Property and Casualty Insurance -- APPENDIX C. THE AUTOMOBILE POLICY DATABASE -- C.1. THE EPIC DATABASE -- C.2. THE FTC DATABASE -- C.2. 1. Additional Information Obtained for the Full Sample -- Core Policy Data and ChoicePoint Credit Scores -- Geographic Location Information and Census Data -- Choice Point Credit History Variables -- CLUE Data -- Hispanic Surname Match -- Vehicle Characteristics -- C.2.2. Additional Information Obtained for a Sub-Sample of 400,000 -- FICO Scores -- SSA Data on Race, Ethnicity, National Origin, and Gender -- APPENDIX D. MODELING AND ANALYSIS DETAILS -- D. 1. INTERMEDIATE ANALYSIS AND DATA PREPARATION -- D. 1.1. Using Race and Ethnicity Data -- D. 1.2. Nationally Representative Weighting -- D. 1.3. The Modeling Sample -- D.2. THE RISK MODELS -- D.2. 1. Generalized Linear Models[166] -- D.2.1.1.Modeling "Frequency" -- D.2.1.2. Modeling "Severity".
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| ISBN | 9781617282133
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