Define: "Rating Class"
The appropriate price category to which an applicant qualifies according to an insurance company's underwriting guidelines. Common rate classes are Preferred Plus, Preferred, Standard Plus, Standard and Substandard.
More Examples of Rating Class
"A property insurance rating method where the type of building or occupancy is used to determine the rate. The rating bureau establishes rates for various building construction types (e.g., wood frame, brick, etc.) and protection classes and for occupancy by hazard categories (e.g., office, computer manufacturing, etc.). This information is published in a manual used by underwriters. If the rate classification is not listed in the manual, the risk must be specifically rated. "
"A group of risks that have the same general characteristics and that are placed into the same class for rating purposes. The same rate then applies to all risks in this class.
Further details - Rating Class:: Search Glossary