Definition: The word "insurance company progressive" refers to a type or type of insurance company that increases its premium rate based on a percentage of the total amount of claims made by the company. This means that as the amount of claims is increased, the insurance company will increase its overall cost and may have to take on more risk than it would have if only one claim were filed. An example of this type of insurance company is an automobile insurance company that uses a progressive system where the amount of claims paid increases each year based on the number of claims. This means that as the number of claims increased, so did the total cost of insurance for that policy. In addition to the increase in the overall premium, the insurance company also had to take more risks, since they were increasing their liability and risk exposure. Another example is a health insurance company that has an incentive system where the amount of claims paid increases based on factors such as the number of people who visit a doctor or undergo treatment. This means that as the number of visits or treatments increased, so did the total cost of health insurance for that policy. In addition to the increase in the overall premium, the insurance company had to take more risks, since they were increasing their liability and risk exposure. In summary, "insurance company progressive" refers to a type of insurance where the amount of claims paid increases based on the number of claims made by the company, and this means that the cost is increased. This can lead to an increase in claims and potentially increased risk exposure.
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