Modified Prior Approval Rating
Definition of "Modified prior approval rating"
Form of state rating law that requires prior approval of property and casualty insurance premiums by the state insurance department for certain changes. Here, a state generally allows new rates to go into effect immediately after filing with the insurance department. However, changes in classification of risks or other substantial changes require prior insurance department approval. There are four methods of rate approval. In addition to modified prior approval, they are PRIOR APPROVAL RATING, open competition, and file and use.
Popular Insurance Terms
Federal legislation passed in 1974 that mandated that legislators in all states that are in receipt of federal funds for health care review and approve any planned capital expenditures to ...
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Right that has a limited time in duration for an individual to receive the income generated by assets owned by another individual. ...
Total of the insurance company's mortgages whose interest has not been paid for at least three months. These are mortgages upon which the insurance company is in the process of foreclosing, ...
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Ruling issued in 1988 by the Internal Revenue Service that stipulates that, when computing the pension benefits of an employee still working after 1987, the years of service on the job ...
Coverage in the event of a marine loss. Marine loss is damage or destruction of a ship's hull and the ship's cargo (freight) as the result of the occurrence of an insured peril. Perils ...
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