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.
Insurance Encyclopedia
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.
Class rates
When property or people share a certain number of characteristics relevant to the cost of providing them with insurance (such as a male driver under the age of 25 without an accident) underwriters can develop insurance rates that reflect the exposures represented by the class and offer insurance based on a class rate rather than by computing individual rates for each member.
Class Rating
A rating method under which the rate depends upon a set of characteristics that define a class. for example, a Fire resistant building with an approved roof used as a small office building in a community with excellent Fire, wear and Policy facilities. In India, Motor and fire tariff are the best examples of class rating method where all the risks are classified into particular categories or classes and rates accordingly. Motor Tariff: All Honda City vehicles in Mumbai will be assigned a single rate. Fire Tariff: All cement manufacturing units will be rated as a single unit.