State Rate
Standard property/casualty insurance premium set by a state rating bureau. States have responsibility for regulating insurers and making certain that rates are reasonable. To this end, experience information is gathered by rating bureaus, and standard (or advisory) rates are set for various lines of insurance in that state. The rates are simply for guidance and individual companies may charge more or less as long as their rates are approved by the state commissioner. The bureau may represent the companies that write a particular line of insurance in that state, such as workers compensation, and may request rate increases from the state commissioner on behalf of its members.
Popular Insurance Terms
Life insurance policy option under which the dividends that have accrued may be applied to mature the policy as endowment insurance. ...
Same as term Consumer Credit Protection Act: 1968 federal legislation that makes it mandatory for lenders to disclose to credit applicants the annual interest percentage rate (APR) and any ...
Provisions, usually requiring an additional premium, that are appended to an insurance contract. These include waiver of premium (WP), disability income (DI), accidental death clause, ...
Transaction of reinsurance under which there is a limit on the total liability of the re-insurer and future investment income is a recognized component of the underwriting process. This ...
Coverage in liability insurance for a ship owner in the event of collision with another ship. A running down clause, when added to basic hull marine insurance, protects against liability ...
Coverage against all liability exposures of a business unless specifically excluded. Coverage includes products, completed operations, premises and operations, elevators, and independent ...
Written statement by an insurance company attesting to the powers it has vested in an agent. ...
Liability coverage mandated by the employee retirement income security act OF 1974 (erisa) under which employers are required to purchase insurance to cover their contingent liability for ...
1968 federal legislation that makes it mandatory for lenders to disclose to credit applicants the annual interest percentage rate (APR) and any finance charge. ...
Have a question or comment?
We're here to help.