What is the Definition of Preferred Risk Class?

What is the Definition of Preferred Risk Class?

In insurance underwriting, the group of proposed insureds who represent a significantly lower than average likelihood of loss within the context of the insurer’s underwriting practices. Contrast with Declined risk class, Standard risk class and Substandard risk class.

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

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What is the Definition of Preferred Risk Class?

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