Section R590-127-3 - DefinitionsTerms 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.Utah Admin. Code R590-127-3
Amended by Utah State Bulletin Number 2021-21, effective 10/25/2021