Definition of "Class"
Group of insureds with the same characteristics, established for rate-making purposes. For example, all wood-frame houses within 200 feet of a fire plug in the same geographical area would have similar probabilities of incurring a total loss.
Popular Insurance Terms
Type of individual retirement account (IRA) allowed by the employees retirement income security act of 1974 (erisa) in which contributions are paid into a custodial account sponsored by a ...
Insurance company's examination of an insured business's payroll records in order to determine the final premium due on a workers compensation insurance policy. ...
In insurance, legal authority obtained by an insurance company, agent, broker, or consultant that permits them to do business in a particular state. The document issued by the state shows ...
Federal statute defining the federal tax code, covering such topics as credits against tax; business-related credits; computing credit for investment in certain depreciable property; ...
Plan to control employer's health care cost through the introduction of practice guidelines or protocols for health care providers, and to improve the methods used by employers and ...
Tendency of property and liability insurance premiums, insurers' profits, and availability of coverage to rise and fall with some regularity over time. A cycle can be said to begin when ...
Entity maintained by the Teachers Insurance Annuity Association. The fund essentially serves college faculties and staff, who pay premiums through salary deductions toward a tax-sheltered ...
Inability to divide a cash value life insurance policy into a savings element and a protection element because, in theory, if the policyowner withdraws a portion or ail of the cash value, ...
Insured whose rights against a third party are transferred to an insurance company (the subrosee) according to the process required by the subrogation clause in the policy. ...
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