Én kicsit átfogalmaznám a fordításnál, és úgy írnám, hogy "The terms and the premium of the contract shall be determined based on the acceptance of individual risks" vagy "on the basis of the individual risk profile".

Néhány példa az "individual risk" használatára:

Underwriting
process of examining, accepting, or rejecting insurance risks, and classifying those selected, in order to charge the proper premium for each
Experience rating
determination of the premium rate for an individual risk, made partially or wholly on the basis of that risk's own past claim experience
(Glossary of Insurance Terms)
http://www.mdinsurance.state.md.us/sa/jsp/glossary/Glossary....

"An insurer (the reinsured) reduces its possible maximum loss on either an individual risk or a large number of risks"
(National Association of Insurance Commissioners, Glossary of Insurance Terms)
http://www.naic.org/consumer_glossary.htm

"Gross Line -
The total accepted by an insurance company on an individual risk."
(Insurance Glossary)
http://www.moving.com/articles/insurance-glossary.asp

You can't translate it word for word. Do it like this: The precise terms of the contract and the related fees are respectively drafted and calculated on an individual-risk basis. Or: as and when we each individual risk is assumed.