A small card distributed to agents and sales representatives by an insurer. The card lists the rates available for various coverages.
Tag: RAW
Rate Cards
Cards prepared by rating bureau stating the premium rate and related information on properties.
Rate Credit (or Deficiency )
Reduction (or increase) in the premium rate charged and insured under a schedule rating plan. See Also: “Rating, Schedule Rating.”
Rate discrimination
A practice now made illegal by state insurance laws. The practice involved charging different rates to insureds with the same characteristics.
***
The use of differ
Rate evasion
The practice of claiming to live in an area with lower rates in order to avoid paying the higher rates in the area the insured actually lives in. Any attempt to avoid paying the correct, higher rates for coverage. Also known as rate jumping.
Rate filing
Documentation filed by an insurer with the state requesting a change in the existing rates.
Rate making
MEDICAL,USA: Establishing premium rates for an insurance company’s policies by using a formula. In life insurance, important factors considered are mortality rates, interest rates, and loading.
***
The process of developing pricing structures for insurance.
***
A manual containing rates for various coverage, information and instructions for field underwriting, insurer’s rules for the guidance of agents and similar other risk acceptance guidelines.
***
A manual that contains the rates for coverages, and can contain other items such as guidelines to field underwriting, agent guidelines, and cash forfeiture values.
Rate method
System used to bill for group health insurance based on type of contract or age/sex breaks.
Rate of gross profit
The rate of gross profit earned on the turnover during the financial year immediately before the date of damage, i.e. the ratio of gross profit to turnover. A business interruption policy pays the amount produced by applying the rate of gross profit to the reduction in turnover. Gross profit is calculated on the difference basis’.
Rate of natural increase/decrease
A rate that equals to the population increase or decrease, without factoring in migration. It is calculated as the birth rate minus the death rate.