UK: a category of insurance business, as set out for regulatory purposes in Schedules 1 (general business) and 2 (long term business) to the Regulated Activities Order (Contracts of Insurance).
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A group of policyholders who have the same characteristics and are grouped together to be rated.
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Group of insureds who have similar exposures and experience and are grouped together for rating purposes.
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MEDICAL,USA: Groups or categories of individuals with similar characteristics and risks for the purpose of setting insurance rates or to determine the amount of coverage for which a person is eligible under an insurance policy.
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The Underwriting or rating group into which a particular risk must be placed. Pertains to type of business, location, and other factors. Classifying persons, property or operations as a basis for tabulating statistical experience and determining premium rates. The individual class. The hazards of operating an automobile vary with respect to the type of car and the purposes for which it is used. Therefore, automobile Insurance groups private passenger cars. trucks, taxi cabs and automobiles operated by garages in different classifications to determine premium rates.