(i) Coverage which has identical provisions regardless of the issuing insurers. Many common policies are standardized. (ii) Insurance issued to a standard risk.
***
A general term used to refer to insurance written on a standard risk. This term can also refer to a policy that is standardized to have the same limitations and exceptions, regardless of which insurer issues it.
***
UK: A policy form in general use.

Synonym for basic premium. See Also: “Basic premium.”
*****
REINSURANCE: The insurance premium determined on the basis of the insurer’s authorized rates multiplied by the experience modification factor. The standard premium is usually not the final premium that the insured pays. It excludes the effects of some pricing programs, such as premium discounts, schedule rating, deductible credits, retrospective rating, and expense constants that are reported in statistical classes.

A premium amount found by calculating the regular rates on an insured’s payroll. This amount is the standard premium, from which a fraction is taken and used as the basic premium.

A restrictive Insurance Services Office, Inc. (ISO), commercial property policy (CP 00 99) intended for use when, for underwriting reasons, coverage would otherwise be unavailable. Combines in one form many of the provisions of the common policy conditions, commercial property conditions, building and personal property coverage, and basic causes of loss forms. However, there are significant coverage restrictions in the following areas covered causes of loss, cancellation, vacancy, coverage territory, and coverage options.

Provisions whose exact working is prescribed by law for specific types of Insurance. These provisions must appear in all policies issued in that jurisdiction where the law is applicable.
****
MEDICAL, USA: Elements common to life and health insurance policies stating coverage and benefits and obligations of the insured and insurance company in basic contract language.

A term for the provisions mandated by state law that appear in all policies issued in that state. This term can also be used to refer to the provisions the NAIC requires in all group life contracts.

A person who, according to a company’s underwriting standards, is entitled to insurance protection without extra rating or special restrictions.
*****
MEDICAL, USA: Future probability that is considered normal and insurable at standard rates without an additional premium or restrictions.

A risk deemed to be average because it is the same as those on which the rate was based.