What is the Definition of Rate Regulation?
The process by which states monitor insurance companies’ rate changes, done either through prior approval or open competition models. (See Open competition states; Prior approval states)
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 Rate Regulation?
You can find random definition and meaning of insurance terms below:
What is the meaning of Exclusion
A provision in an insurance policy that excludes and/or limits certain coverages.
What is the meaning of FR-44/SR-22
A legal document filed if you are convicted of certain traffic violations or driving under the influence of alcohol or drugs. The state may require you to file an FR-44/SR-22 to verify that you maintain auto liability coverage. Both forms are official documents showing proof of financial responsibility, but use different titles based on your state of residence. If an FR-44/SR-22 should expire or be canceled, an insurance company will issue an FR-46/SR-26 form, which certifies the cancellation of the policy.
What is the meaning of Garaging location
The address where a vehicle is usually parked or garaged, which could differ from the policyholder's primary residence or policy mailing address. Students attending school 100+ miles from home with a vehicle should use their school address as their garaging address.
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