Flat Schedule

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Flat Schedule A type of group insurance schedule under which everyone is insured for the same benefits regardless of salary, position, or other circumstances. This is in contrast to a rated schedule, where the premium is based on factors such as the insured's age, location, driving record, health history, or credit score. Flat schedules are more common in certain types of insurance, such as life insurance and property insurance for older homes. Flat Schedule is: -Simple and easy to understand: Since the premium is the same for everyone, it's easier for policyholders to compare rates and understand what they're paying for. -Fair for low-risk individuals: Low-risk individuals might pay more than they would under a rated schedule, where their lower risk would be reflected in a lower premium. -May not be competitive for high-risk individuals: High-risk individuals might pay less than they would under a rated schedule, where their higher risk would be reflected in a higher premium. Some insurance companies offer flat schedules, depending on the type of coverage and the individual's circumstances. It is important to note that the use of the term "flat schedule" can vary depending on the specific insurance product or context. Therefore, it is always best to consult with an insurance professional to get a clear understanding of what a flat schedule means in the context of your specific insurance needs. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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