A legal device allowing a group of individuals with a claim against a Company or individual to join together as plaintiffs in a single suit. Its purpose is to allow a number of persons with small claims to accumulate an amount large enough to attract a lawyer and justify the expense of litigation.
Insurance Encyclopedia
Class Action/group litigation
A legal procedure one party, or group, brings against a defendant as representative of a larger group. Deep vein thrombosis sufferers have acted against airlines in this way. The Civil Procedure Rules use the term ‘group litigation’ while the Legal Services Commission refers to ‘multi-party actions. UK proceedings are issued under the Group Litigation Order.
Class B member
Any pension scheme member who, on or after 17 March 1987 and before 1 June 1989, joined the scheme, being a scheme which commenced before 14 March 1989, or whom the IR has agreed to be a Class B member by virtue of previous membership of a relevant scheme and, in either case has not opted to be a Class A member. The earnings cap does not apply to Class B.
Class beneficiary designation
Description that names several people as a group instead of naming each person individually (e.g., children of the insured).
Class C member
A pension scheme member who joined before 17 March 1987 or who joined subsequently and whom the IR has agreed to be a Class C member by virtue of previous membership of a relevant scheme, and, in either case, has not opted to be a Class A member. The earnings cap does not apply to Class C members.
Class of insurance
Defined by the FSA as ‘any class of insurance listed in Schedule 1 to the Regulated Activities Order (Contracts of insurance) 2001. See REGULATED CLASSES OF INSURANCE; LONG-TERM BUSINESS; GENERAL INSURANCE BUSINESS.
Class of use
Private car insurance rating factor reflecting the extent of use of the car. Use solely for social, domestic and pleasure purposes is the most lightly rated with little difference in premium to include commuting to work. The highest rated category (known as class 3) is full business use including commercial travelling. The intermediate classes include more restricted business use.
Class Rate
The premium rate applicable to a specified class of risk. A system of premium rate determination in which all risks with similar characteristics are charged the same rate.
Class rate (Property Insurance)
A rate for risks grouped into the same class, that is, risks of the same danger.
Class Rated Products
(i) Internal Tariff rated products : All rule based underwriting products. Standard products that can be sold by any offices of the insurer with the rates, terms and conditions of cover, including choice of deductible where applicable. Examples are Fire insurance up to a certain sum insured or category of risk limitation, Motor insurance other than fleets, PA other than groups, Health insurance other than groups, Burglary, Fidelity guarantee etc. (ii) Packaged or customized : Specially designed for an individual client or class of clients in terms of scope of cover, basis of insurance, deductibles, rates, terms and conditions of cover. Also, known as Special Contingency products.