Prior Approval Rating


Definition of "Prior approval rating"

Becky Holt Brown real estate agent
Becky Holt Brown, Real Estate Agent KBT Realty

Requirement of state approval of property insurance rates and policy forms before they can be used. Individual states regulate insurers and approve their rates. There are three methods of rate approval, in addition to prior approval: modified prior approval, open competition, and file and use.

 

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