Prior-approval States
Definition of "Prior-approval states"
Those states requiring insurers to obtain prior approval rating of rates and policy forms before they use them. Although most states once fell into this category, many followed the lead of New York State in 1969 when it moved to a system of open competition.
Popular Insurance Terms
Coverage that exceeds the normal insurance capacity of an insurer or reinsurer. ...
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Payment under a state-sponsored program for victims of crimes. ...
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