What is the Definition of Standard Risk Class?

What is the Definition of Standard Risk Class?

In insurance underwriting, the group of proposed insureds who represent average risk within the context of the insurer’s underwriting practices and therefore pay average premiums in relation to others of similar insurability. Contrast with Declined risk class, Preferred 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

Other Questions: What is the definition of Annuity?

What is the Definition of Standard Risk Class?

You can find random definition and meaning of insurance terms below:


What is the meaning of Policy

a written contract ratifying the legality of an insurance agreement.


What is the meaning of Policy Dividend

a refund of part of the premium on a participating life insurance policy. Amount of payment is determined by subtracting the actual premium expense from the premium charged. The payment can be taken as cash, applied to a purchase an increment of paid-up insurance, left on deposit with the insurance company or applied to purchase term insurance for one year.


What is the meaning of Policy Period

time period during which insurance coverage is in effect.


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