4th generation: maximum non-covered premium surcharge
Turns a claim into a decision with a price attached, which is not how insurance normally reads. Two things get lost in the telling: the surcharge applies to the non-covered rider premium rather than to the whole policy, and the band is reassessed every year rather than being a permanent mark — so a heavy year is recoverable and a light year moves you back down.
- Applies to
- Holders of 4th generation indemnity policies, assessed on the previous year’s non-covered claims
- Review cadence
- Checked once a year
What we have recorded
- 2024-07-01up to +300%
Bands on the previous twelve months of non-covered claims: nothing claimed attracts a discount; under ₩1,000,000 is unchanged; ₩1,000,000 to under ₩1,500,000 is +100%; ₩1,500,000 to under ₩3,000,000 is +200%; ₩3,000,000 or more is +300%. Applies to the non-covered rider premium, reassessed annually. Treatment related to conditions under the health insurance special-calculation scheme, and to long-term care grades 1 and 2, is excluded from the assessment.
Financial Services Commission — differential non-covered premiums, 4th generation
One reading so far. This becomes a history the first time the figure moves while we are watching — which is the part that cannot be reconstructed later.