A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Class

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.

Class A member

Any pension scheme member who is not a Class B or Class C member. Class A embraces members of schemes established on or after 14 March 1989 and all new members of earlier schemes joining on or after 1 June 1989. The maximum retirement benefit for Class A on retiring between ages 50 and 75 is two-thirds of final remuneration. The earnings cap applies. The tax-free lump sum on retirement is 3/80ths of final salary for each year of service (not exceeding 40 years) or, if greater, 2.25 times the annual pension.

Class action lawsuit

a lawsuit filed by one or more individuals on behalf of themselves and a larger group of people who are in similar situations. The entire class shares in any recovery in the lawsuit, even though only a few members of the class were involved in prosecuting the lawsuit.

Class Action Suits

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.

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 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 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.