Commercial Chp7 Flashcards Preview

Commercial Insurance > Commercial Chp7 > Flashcards

Flashcards in Commercial Chp7 Deck (5)
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1

Aggregate Limit

the maximum amount an insurer will pay for all the covered losses during the covered policy period

2

Premium Base

the unit in which the exposure is measured such as gross sales or payroll

3

Class Code

a numeric code representing the description in the rating classification table that best fits particular organizations operations

4

Premium Audits

requires the named insured to keep adequate recors to permit correct calculations of the premium and to make such records avaliable at the insurers on request

5

CGL Rating formula

rate x exposure = premium