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Why do different people have different premiums?
The premium is calculated on the extent and nature of the cover you want. A higher sum insured means a higher rate of premium. Similarly a higher risk will be charged a higher premium. An example of this is that an older person will have to pay a higher premium for health insurance for the same sum insured. Sometimes the risk is higher depending on the location of risks - for example in motor insurance in areas where accidents are higher. So the premium will vary according to the nature and severity of the risk.