Utah Admin. Code R590-127-3 - Definitions
Terms in this rule are defined in Sections 31A-1-301 and 31A-19a-102. Additional terms are defined as follows:
(1) "(a) rate" means a rating rule or a rate
expressed as the symbol "(a)" or the words "refer to company" listed opposite a
classification code on the rule and rate pages of the Commercial Lines
Manual.
(2) "(a) rating" means a
special risk rating underwriting procedure used for classifying and rating any
risk that presents a unique or unusual condition, exposure, or hazard for which
the underwriter feels a Commercial Lines Manual classification or rate is not
appropriate.
(3) "Commercial Lines
Manual" means the manual of rates, classifications, and underwriting rules for
commercial lines insurance, including:
(a) the
Highly Protected Risk Plan, filed with the commissioner by the Insurance
Services Office, Inc.; and
(b) any
similar rating plan, manual or large risk property rating plan filed with the
commissioner by another rate service organization or individual
insurer.
(4) "Excess
insurance" means a coverage designed to be:
(a)
(i) in
excess over one or more primary coverages; or
(ii) a self-insured retention; and
(b) that does not pay a loss until
the loss amount exceeds a certain sum.
(5) "Guide (a) rate" means an advisory (a)
rate that has been developed by a rate service organization or company home
office underwriter that represents a rough average and is used as a guide or
signpost.
(6) "Guide (a) Manual"
means a collection of guide (a) rates with rules and procedures for use with
(a) rates.
(7) "Increased limits
factor" means a rating factor used to adjust a manual rate to a limit higher
than the basic manual limit.
(8) "
Self-insured retention" means the portion of a risk or potential loss assumed
by an insured in an amount of at least $50,000 and in the form of a deductible,
self-insurance, or no insurance.
(9) "Umbrella liability insurance" means
insurance providing coverage in excess of the limits of a primary policy and
additional basic liability coverages.
Notes
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