Or. Admin. R. 836-042-0505

Current through Register Vol. 63, No. 8, August 1, 2024

Section 836-042-0505 - Definitions

As used in OAR 836-042-0501 to 836-042-0520, unless the context requires otherwise:

(1) "Anniversary Rating Date" means the month and day that rates, rating plans and rating systems are initially applied to a policy in effect and each annual anniversary thereafter.

(2) "Annual Rate" means the total limits base rate per unit exposure.

(3) "Classification" means a grouping of insurance risks according to a classification system used by an insurer.

(4) "Classification System" means a schedule of classifications and a rule or set of rules used by an insurer for determining the classification applicable to an insured.

(5) "Commercial Liability Insurance" has the meaning set forth in ORS 731.074.

(6) "Premium" means the contracted consideration charged to an insured for insurance for a specific period of time regardless of the timing of actual charges.

(7) "Rating Plan" means a rule or set if rules used by an insurer to calculate premium for an insured, and the parameter values used in such calculation, after application of total limits base rates to units of exposure.

(8) "Rating System" means a collection of rating plans to be used by an insurer, rules for determining which rating plans are applicable to an insured, a classification system and other rules used by an insurer for determining contractual consideration for insured.

(9) "Total Limits Base Rate" means a monetary amount applied to the units of exposure basis assigned to a classification and used by an insurer to determine the total limits premium for an insured, prior to any adjustment or adjustments resulting from the application of any rating plan.

Or. Admin. R. 836-042-0505

IC 4-1986(Temp), f. & ef. 4-21-86; IC 7-1986, f. 11-7-86, ef. 11-10-86; ID 4-1988(Temp), f. & cert. ef. 2-26-88; ID 14-1988, f. & cert. ef. 8-24-88

Stat. Auth.: ORS 731 & ORS 737

Stats. Implemented: ORS 737.207(2) & ORS 737.320(6)