Proposition 103: California
Definition of "Proposition 103: california"
Legislation mandating that factors taken into account in the calculation of premium rates for automobile insurance include the insured's driving record, annual miles driven, and years of driving experience. Excluded from consideration is territorial rating. Also included in the provision is a required discount of 20% for being a good driver. The proposition repeals previous laws which prohibited insurance brokers and agents from rebating premiums or commissions as an inducement to prospective insureds to purchase insurance from them. Also repealed by the proposition was the law that prohibited banks from becoming licensed to sell insurance. The proposition requires California to be a prior-approval state for any rate changes concerning automobile insurance, as well as to submit certain specified rate-change requests to a public hearing.
Popular Insurance Terms
Expenses and taxes incurred by the insurance company resulting from the normal business activities of the company before the due date of the annual statement. ...
Organization of trial attorneys who specialize in the representation of defendants who become subject to tort actions. Generally, these tort actions involve bodily injury or personal injury ...
Hospital insurance program that provides medical professional liability insurance coverage to non employed hospital physicians. The objective of this means of insurance coverage is to ...
Exemption in ocean marine policy for losses caused by strikes, riots, and civil commotion. ...
Amount of combustible matter present that can act as a fuel to feed a hostile fire. ...
Hybrid between facultative reinsurance and treaty reinsurance where the ceding company may elect to assign certain risks that the reinsurer is obligated to accept. ...
Same as term Canadian Institute of Actuaries: ...
Circumstance in which no agent is servicing a debit. ...
Period of time during which notice of claim and proof of loss must be submitted by the insured or his or her legal representatives. ...
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