Rating class definition
Rating class means a classification that we assign to an insured person based on a broad range of criteria we use to determine whether applicants are insurable and under what terms we will make insurance coverage available. The terms under which we offer insurance can include a change in the amount of insurance, the payment of an extra premium, restrictions on the types of benefits we offer, and exclusion of payments based on certain risks or circumstances. If your policy is assigned a rating class that results in an extra premium, it will be shown in the Policy Specifications. There may be additional definitions provided in the provisions of this policy and each rider.
Rating class means a population segment classified by actuaries as having similar insurance risk characteristics, such as issue age, gender, underwriting classification, benefit category, issue state, and health status of the insured at the time the Certificate was purchased.