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Insurance rates have been traditionally based upon risk factors. BUT if you are the right race, ethnicity, or gender then racial profiling is more important than your risk factors!
| (1) Lending, Credit Approval | (3) Wall Street, Investments, Jesse Jackson | (5) Housing Discrimination |
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(4)
Insurance, Greenlining, Redlining Supreme Court: High
Court Refuses Blacks' Redlining Suit (01/19/99 -
no link)
"The 1996 lawsuit accused insurance companies of discriminatory 'redlining' --
refusing to sell homeowners insurance on equal terms based on the racial composition of
their neighborhoods." Significantly absent from the press coverage of this
case is any argument that such neighborhoods might actually represent greater risk, and
therefore justify either higher premiums or lower coverage. For example, my
insurance premiums for living in Maryland are significantly lower than if I lived one mile
farther south in Washington, DC. Why is that? It is because violent crime,
vandalism, burglaries, and other property crimes happen at a MUCH higher rate in
Washington, DC than they do in Silver Spring, Maryland! Therefore I pay lower
premiums because I represent a lower risk because I live one mile farther north, in
Maryland. [editor] (Associated Press via PostNet, 01/19/99, by Richard
Carelli) END (4) Insurance, Greenlining, Redlining |
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