The sharing of losses between contributing Insurers in proportion to the sums insured.

A term used to refer to coverage that costs more because of the insured’s existing injury.

An insurance policy issued at a higher than standard premium rate to cover the extra risk involved in certain instances where the insured does not meet the standard underwriting requirements; for example, impaired health or a particularly hazardous occupation.
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MEDICAL,USA: Insurance contract issued to an individual in a greater-than-average likelihood of loss classification such as impaired health or a hazardous occupation. This type of policy may have an exclusion clause and/or higher premium rate than a standard policy. Sometimes called an extra-risk policy .
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US: Sometimes called an “extra risk” policy, an insurance policy issued at a higher-than-standard premium rate to cover the extra risk where, for example, an insured has impaired health or a hazardous occupation.

Term applied to an insurance where the premium is higher than the norm.

The statistical process by which insurers determine risks and pricing for the basic classes of insurance.
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The process of establishing premium rates used in insurance or other risk transfer mechanisms.

Confirmation, as where a principal adopts as binding on him the act of another which was done on his behalf though without the principal’s previous authority.

A private organization that classifies and promulgates manual rates (or loss costs).
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An organization that classifies rates and the hazards of certain risks by geographic area.
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US: An organization that collects statistical data (such as premiums, exposure units, and losses), computes advisory rating information, develops standard policy forms, and files information with regulators on behalf of insurance companies that purchase its services. Years ago, insurers were required by law in most states to belong to the designated rating bureau and to use its rates and policy forms. Today, however, these organizations serve in an advisory capacity for most services and most coverage lines; generally, insurers are free to use their products and services as they see fit. The best known rating bureaus are National Council on Compensation Insurance (NCCI) (for workers compensation insurance), the Surety Association of America (SAA) (for surety bonds and crime insurance), Insurance Services Office, Inc. (ISO) (for most commercial and personal lines other than workers compensation insurance), and American Association of Insurance Services, Inc. (AAIS) (for many commercial and personal lines other than workers compensation).