Definition of "State rate"

Lana LeMay real estate agent
Lana LeMay, Real Estate Agent Berkshire Hathaway Homeservice Miles Realty

Standard property/casualty insurance premium set by a state rating bureau. States have responsibility for regulating insurers and making certain that rates are reasonable. To this end, experience information is gathered by rating bureaus, and standard (or advisory) rates are set for various lines of insurance in that state. The rates are simply for guidance and individual companies may charge more or less as long as their rates are approved by the state commissioner. The bureau may represent the companies that write a particular line of insurance in that state, such as workers compensation, and may request rate increases from the state commissioner on behalf of its members.

Have a question or comment?
We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 
 

 

Popular Insurance Terms

Popular Insurance Questions