Insurance Rating
/ɪnˈʃʊərəns ˈreɪtɪŋ/
Definitions
- (n.) The process or system by which insurers determine the premium rates for insurance policies based on risk assessment and regulatory guidelines.
The insurance rating approved by the state regulator ensures fair pricing for policyholders.
Forms
- insurance ratings
Related terms
See also
Commentary
Insurance rating involves both actuarial data analysis and compliance with legal requirements, making it a critical element in policy pricing and regulatory oversight.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.