What is the Definition of Community Rating Laws?

What is the Definition of Community Rating Laws?

Enacted in several states on health insurance policies. Insurers are required to accept all applicants for coverage and charge all applicants the same premium for the same coverage regardless of age or health. Premiums are based on the rate determined by the geographic region’s health and demographic profile.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Insurance?

What is the Definition of Community Rating Laws?

What is the Definition of Community Rating Laws?

Check out other definition of insurance terms below:


What is the Meaning of COMPLETED OPERATIONS COVERAGE In Insurance Terms?

Pays for bodily injury or property damage caused by a completed project or job. Protects a business that sells a service against liability claims.


What is the Meaning of COMPREHENSIVE  COVERAGE In Insurance Terms?

Portion of an auto insurance policy that covers damage to the policyholder’s car not involving a collision with another car (including damage from fire, explosions, earthquakes, floods and riots), and theft.


What is the Meaning of COMPULSORY AUTO INSURANCE In Insurance Terms?

The minimum amount of auto liability insurance that meets a state law. Financial responsibility laws in every state require all automobile drivers to show proof, after an accident, of their ability to pay damages up to the state minimum. In compulsory liability states this proof, which is usually in the form of an insurance policy, is required before you can legally drive a car.


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