Rating Bureau
Definition of "Rating bureau"
Cooperative organization among insurers that rates and prepares new policy forms according to guidelines and regulations of the state insurance department. Loss experience, collected according to the line of business in specific geographical areas, is used to suggest rates for use by the rating bureau member companies. They may either use these rates or file their own deviated rates for approval by the state insurance department if it is a prior approval state. In an open competition state, a company does not need approval for a deviated rate. In a file-and-use state, a company can use a deviated rate without approval, after having filed it with the state insurance department. In a modified prior approval state, a company can use a deviated rate after filing it with the state insurance department provided it is a modest deviation and not a new rate classification.
Popular Insurance Terms
Health insurance plan where a group of physicians and dentists provide medical services to a group of individuals for a predetermined fee. It is a basic type of HEALTH MAINTENANCE ...
Sale of life insurance policies through vending machines. This method of distribution is generally limited to travel accident insurance, supplemental health or disability policies, or life ...
Portion of the federal tax code that determines which organizations are exempt from federal income taxation. These are generally nonprofit corporations, funds, and foundations for ...
Term describing illness, sickness, or disability incurred by the insured such that the insured is restricted to his or her home, a hospital, or a nursing home. Many health insurance ...
Five-year nonrenewable term life insurance policy for veterans who were covered by servicemens group life insurance (SEGLI) while on active duty in the U.S. uniformed forces. At the end of ...
Individual who is legally responsible for taking care of another individual (s) who is deemed to be incapable of managing his/her own affairs. For example, children under the age of ...
Failure to act with the legally required degree of care for others, resulting in harm to them. ...
Method of payment of an insurance premium that allows an insured to regulate the amount and frequency of the premium payments in accordance with cash flow over a stipulated period of time. ...
Allocation of monetary resources to equities. ...
Have a question or comment?
We're here to help.