Segmentation policy NN
Segmentation policy NN Insurance Belgium for individual life insurance
There are multiple criteria that play a role in determining whether we are prepared to insure a particular risk, what we are prepared to insure it against, and what the premium will be. These criteria serve as Acceptance Criteria (AC), Pricing Criteria (PC) and Extended Guarantee Criteria (GC). Based on these segmentation criteria, we try to find a balance between the premium you pay and the loss or damage we anticipate. The segmentation criteria are objective criteria that can influence the probability or extent of loss or damage.
|Acceptance Criteria (AC)||Pricing Criteria (PC)||Extended Guarantee
|Duration of the contract||X||X|
|Profession and sport(s)||X||X||X|
|Vacation risk factor||X||X||X|
Please find below an explanation of the segmentation criteria we apply.
The insured capital (AC, PC):
The insured capital has an impact on the amount of the premium, as it is directly linked to the risk to be insured.
The duration of the contract (AC, PC):
The duration of the contract may have an impact on the amount insured, and may therefore influence the amount of the premium.
The financial acceptance (AC):
If the total capital amount insured by NN Insurance Belgium SA/NV exceeds €1 million, we will assess your financial situation.
Your health condition (AC, PC, GC):
We will make enquiries into your health status through a questionnaire or by performing a medical examination. If, at the time you take out the contract, you are aware of any health problems which affect your risk of premature death, we will take these into account.
If after carrying out the questionnaire or medical exam we are still unable to establish a sufficiently clear picture of your health, we may ask you to answer additional questions, or to provide us with further information.
Your Age (AC, PC):
Your age is an important factor when you take out life insurance, because, statistically, the probability of death increases with age.
Your smoking behaviour (PC):
Smoking seriously damages your health and increases the risk of mortality. Therefore, we need to know if you smoke.
Profession and sport(s) (AC, PC, GC):
Your profession and any sport(s) you participate in can be considered to be more or less dangerous and consequently, have an influence on your risk of being killed and your life expectancy.
The fact that you take vacations for long periods abroad (AC, PC, GC):
Depending on the duration and destination, a vacation in a foreign country can have an influence on the condition of your health, your risk of being killed and your life expectancy.
Segmentation policy NN Insurance Services Belgium by the subscription of an ING Family and Home Blanket insurance
What determines if you can be insured or stay insured, what the insurance covers and what you pay for it?
This information is important on subscribing the insurance, but also after the insurance is concluded. The following characteristics are decisive for the acceptance of the insurance of the building and contents and the optional guarantees theft and vandalism, family third-party liability and legal aid, the extent of the insurance and the price you pay. Not always all the characteristics are requested. We only ask the characteristics which are relevant for your situation.
|Acceptance Criteria (AC)||Pricing Criteria (PC)||Extent of Guarantee Criteria (GC)|
|Type of building||X||X||X|
|Division of the building||X|
|Characteristics of the building||X||X|
|Condition of the building||X||X|
|Construction date of the building||X|
|Location of the building||X||X|
|Prevention measures against burglary||X||X|
|Professional activity carried out in the building||X|
|Value of the content||X||X|
|Age of the insured for the cover family third-party liability and legal aid||X|
|Building insured or not for the cover family third-party liability and legal aid||X|
The segmentation criteria are objective criteria that can influence the probability or extent of loss or damage. Please find below an explanation of the segmentation criteria we apply.
The type of building and the contiguity (AC,PC,GC):
A house, flat or block of flats and detached, semi-detached house or adjacent on both sides. The type of building and the contiguity have an influence on the value as new for which we insure you, the contiguity also has an impact on the damage frequency for theft;
The quality (PC,GC):
Namely insured as owner, tenant or letter. The quality determines the extent of the coverage;
The division and the characteristics of the building (AC,PC):
The number of rooms and the finishing for example natural stone flooring, façades with natural stone, a swimming pool, a load bearing structure in wood…These determine also the value as new;
The condition of the building (AC,GC):
Vacant, dilapidated buildings or buildings meant to be demolished we wish not to insure. If the building is under construction or will be totally renovated a premium reduction is accorded because not all basic covers are yet insured, recent buildings are less susceptible to damage;
The construction date of the building (PC):
Recent building are less susceptible to damage;
The location of the building (AC,PC):
The building must be located in Belgium. The location gives an indication of the risk on burglary;
The occupation (AC,GC):
A regularly occupied building is less susceptible to a break-in;
The prevention measures taken against burglary (AC,PC):
Namely if the outside doors of the building are equipped with cylinder locks and/ or the building is equipped with an alarm system approved by INCERT;
The professional activity which is possibly carried out in the building (AC):
We insure only liberal professions (other than chemist) and office activities (without production or storage);
The value of the content (AC,PC):
Which determine the maximum remuneration;
The claims record (AC,GC):
This gives us information so that we can estimate correctly the risk. We take into account whether you and or one of the persons living with you had a claim ( inter alia damage by fire, flooding, earthquakes, theft or damage to a third part in your private life ). The number of claims and the amount of the damage play also a role. We take also into account If ever an insurance company (including NN Insurance Services Belgium SA/NV) already has terminated or refused to cover one or several options you want to insure and how many damages did you have after you had this insurance;
For the insurance family third-party liability and legal aid (PC):
If the building is insured or not (advantageous rate) and if all the insured persons are older than 65 year (premium reduction given we expect less damage).
This information is important on subscribing the insurance , but also after the insurance is concluded.