State Rate
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.
Popular Insurance Terms
Method of calculating the primary insurance amount (PIA) for Social Security benefits. Employees' covered monthly earnings are adjusted to reflect changes in the national average annual ...
Income paid to a worker who is temporarily disabled by an injury or sickness that is not work related. Compare with workers compensation benefits, which are available only to workers ...
Health insurance plan where a group of physicians and dentists provide medical services to a group of individuals for a predetermined fee. It is a basic type of HEALTH MAINTENANCE ...
Relationship of the frequency of illness, sickness, and diseases contracted by individual members of a group to the entire group membership over a particular time period. ...
Exceptions to coverage. There is no obligation for an insurance company to pay a claim if: the loss is not covered by a policy, or a particular person is not included in the definition of ...
Coverage on an all risks basis for fur garments belonging to customers of a furrier. ...
Type of business interruption insurance policy that provides a specific daily dollar amount benefit to the business owner for each day the business is unable to resume normal business ...
Plan in which a public employer (such as a university, state, county, or municipality) sponsors a retirement savings program, named for the section of the Internal Revenue Code that permits ...
Policy designed to act as a supplement to Medicare. The supplementation is in the form of additional benefits to that provided by Medicare. The additional benefits are in the form of ...
Have a question or comment?
We're here to help.