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
Cost per unit of insurance. ...
Waiver of an impairment of an applicant for health insurance by attaching an endorsement to the health insurance policy stating that the policy will pay no benefits in connection with the ...
Provision that the equity of an insured in a life insurance policy cannot be forfeited. There are four benefits a policyholder can select under the option: cash surrender value, extended ...
Same as term Buy-Back Deductible: deductible eliminated through the payment of an additional premium, resulting in first-dollar coverage under the policy. ...
Special policy blank issued by an insured for individual shipments or other purposes under an open policy. The open policy allows an insured to buy protection for all marine business for an ...
services provided in an employee benefit plan such as a pension plan. An employer provides the clerical staff to operate the plan, in effect acting as custodian. The trustee provides ...
Insurance for private pleasure boats. Coverage is not standard, but is generally broken down into insurance for yachts, including sailboats; boats with inboard motors under marine ...
Case where an insurance company is placed by the state court under the control of the state insurance department. Claims are paid in the order filed until the insurance company's ability to ...
Coverage for an insured manufacturer for claims after a manufactured product has been sold and/or a claim results from an operation which the manufacturer has completed. ...
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