Rating Classes
A rating class is essentially a risk category assigned by life insurance companies. When a policy is applied for, the company will evaluate the application and place the applicant into one of several different categories of risk depending on their individual circumstances. The rating class is based on personal mortality risk. Information used to determine a rating class includes current health, medical history, family history and participation in dangerous activities.
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Common Compensation Terms and Formulas
- Includes the latest updates: Compensable factors, defined benefit plan, job leveling, lead differential, shift differential and more.
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