Insurance is a contract between tow parties that share equally in knowledge about the risk for the proposed insured risk assessments are estimates and involve a moderate coefficient of variance around a mean. Because large numbers of people are insured, the variance can accept a few outliers. State insurance commissioners require financial services companies to be fiscally responsible. Social responsibilities must be considered but insurers must be able to meet the fair claims of their policyholders. Fig 5 Premium calculations depend on the age at applications, the cost of placing and carrying the business, the lapsation rates expected and the life expectancy of the insured when compared to the standard life expectancy of other insureds at the same age.
Insurance is a competitive industry.
Prices are lowered by underwriting which identifies a few individuals who present high risks. They were concerned that a ban on genetic testing would remove their right to use cholesterol, HDL, transaminases and other tests in common use because the analytes all came from genetic activity. They supported a narrow definition. To a geneticist this was nonsense. A genetic test can be anything from DNA through to a gene product or a metabolite.