Use of Credit
INSURANCE SCORES – WHAT YOU SHOULD KNOW
United Heritage Property & Casualty Company uses rates that are applied to your specific risk characteristics and the coverages, limits, and deductibles you choose. As a part of our pricing program, we also use credit information in the form of an insurance score.
What is an Insurance Score?
An Insurance Score is a numeric assessment of credit risk. An Insurance Score is created through a process that reviews specific information in a credit report and assigns a weighted numerical value to this information. The Insurance Score reflects credit payment patterns and looks at items such as collections, bankruptcies, outstanding debt, length of credit history, types of credit in use and the number of new applications for credit. Factors such as race, religion, gender, marital status and birthplace are not used in determining an Insurance Score.
Why does United Heritage Property & Casualty use Insurance Scores?
We want to have as many tools as possible to assist us in making fair and objective underwriting and pricing decisions. Studies have shown that Insurance Scores provide an accurate predictor of loss. Thus, reviewing an Insurance Score, along with other factors, allows us to more accurately underwrite and price our insurance products.
How does United Heritage Property & Casualty use Insurance Scores?
We use an Insurance Score, along with other factors, to assist us in determining whether to issue an insurance policy to a consumer. If we decide to issue a policy, an Insurance Score is one of the factors we use to determine the premium we will charge for the policy.
How often does United Heritage Property & Casualty review Insurance Scores?
We review a person's Insurance Score when he or she applies for a UNITED HERITAGE PROPERTY & CASUALTY policy. Once a person becomes a UNITED HERITAGE PROPERTY & CASUALTY insured, an updated report may be requested up to one time each year, with a written request to us.
Does UNITED HERITAGE PROPERTY & CASUALTY refuse to issue a policy to a consumer who has no credit history? No. We make no underwriting decisions based on a consumer’s lack of credit history.
If you have questions regarding our use of Insurance Scores, please contact your United Heritage Property & Casualty Agent, or e-mail us.