What is the primary goal of a premium audit for an insurance policy?

The primary goal of a premium audit for an insurance policy is to determine the actual exposure for final premium calculations. This process involves reviewing various factors related to the insured's operations, such as payroll, sales, and specific risks associated with the business. By conducting a thorough audit, the insurer can accurately assess the risk profile of the insured and ensure that the final premium reflects the actual exposure that the policyholder presents during the policy term.

This evaluation is crucial because it helps maintain the integrity of the underwriting process, ensuring that premiums are fair and equitable based on the true level of risk. If the initial premium was based on estimated figures, the audit allows adjustments to be made to align the premium with the actual exposure, thereby protecting the insurer from potential losses associated with underestimating risk.

The other options focus on different aspects that, while relevant to insurance and client relationships, do not pertain directly to the primary function of a premium audit. For instance, assessing the quality of the insurance agent or evaluating customer satisfaction relates more to customer service and retention strategies rather than the audit process. Similarly, reviewing claims history, while important, is typically part of underwriting considerations rather than the direct goal of the premium audit itself.