3 AAC 29.469. Definitions

(1) "experience rating plan" means a rating procedure using past insurance experience of an individual policyholder to forecast future losses by measuring the policyholder's loss experience against the loss experience of other policyholders in the same classification in order to produce a prospective premium modification;

(2) "manual rate" means the rate developed for an insured before the application of an experience rating plan or any subjective discount, credit, or surcharge is applied;

(3) "risk characteristic" means an attribute that contributes to the variation in hazard among insureds;

(4) "schedule rating" means the recognition, through the assignment of judgmental credits and debits to a manual rate, of characteristics that are expected to affect an insured's loss or loss adjustment expense experience, but that are not reflected in the class rates or the experience rating plan; and

(5) "schedule rating plan" means a description of the rules and eligibility criteria for schedule rating.

History: Eff. 7/24/98, Register 147

Authority: AS 21.06.090

AS 21.39.030

AS 21.39.040

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