Commercial Chp7 Flashcards
1
Q
Aggregate Limit
A
the maximum amount an insurer will pay for all the covered losses during the covered policy period
2
Q
Premium Base
A
the unit in which the exposure is measured such as gross sales or payroll
3
Q
Class Code
A
a numeric code representing the description in the rating classification table that best fits particular organizations operations
4
Q
Premium Audits
A
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
Q
CGL Rating formula
A
rate x exposure = premium
