The following words and terms, when used in this subchapter,
shall have the following meanings unless the context clearly indicates
otherwise.
"Commissioner" means the Commissioner of the New Jersey
Department of Banking and Insurance.
"Department" means the New Jersey Department of Banking and
Insurance.
"Expenses" means that portion of a rate attributable to
commissions and brokerage, other acquisition expenses, general expenses, taxes,
licenses, and fees.
"Loss costs multiplier" means the adjustment reflecting
expenses, profit loading and any modifications that the insurer uses on the
loss cost to produce final rates.
"Minimum premium" means the smallest amount of premium for
which an insurer will issue coverage under a given policy.
"Prospective loss costs" means that portion of a rate that
does not include provisions for expenses (other than loss adjustment expenses)
or profit, and are based on historical aggregate losses and loss adjustment
expenses adjusted through development to their ultimate value and projected
through trending to a future point in time.
"Rate" means the unit charge by which the measure of exposure
or the amount of insurance specified in a policy of insurance or covered
thereunder is multiplied to determine the premium.
"Rating organization" means every person or persons,
corporation, partnership, company, society, or association engaged in the
business of ratemaking for two or more insurers.
"Supplementary rate information" means any manual or plan of
rates, statistical plan, classification, rating schedule, rating rule, and any
other rule used by an insurer in making rates.
