Charging insureds in the same class with the same hazards different premiums is an example of what?

Charging insureds in the same class with the same hazards different premiums is indeed an example of discrimination. In the context of insurance, discrimination refers to the practice of treating similar risks differently, which can lead to certain individuals or groups being charged higher premiums based on criteria that may not be relevant to their risk profile.

In insurance, premiums are typically determined based on various factors related to risk assessment and underwriting. However, when individuals in the same risk class are charged different amounts without a justified basis—such as differences in their claims history, credit scores, or other pertinent factors—it constitutes discrimination. This practice can result in unfair treatment of policyholders and is generally discouraged in the insurance industry, as it can undermine the principle of fairness that should underpin premium calculations.

Underwriting involves evaluating the risks of insuring a potential policyholder and determining the appropriate premium. Risk assessment refers to the process of identifying and analyzing potential risks associated with an insured party. Assessment of risk relates to how the insurer determines the likelihood of a loss occurring. However, those processes should ideally result in equal treatment for individuals with the same risk profile, making discrimination the correct term when there are inequities in premium charges.