What Does Open Competition Mean?

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What does Open Competition mean? Read on to discover the definition & meaning of the term Open Competition - to help you better understand the language used in insurance policies.

Open Competition

Open Competition

Method of rate and form regulation used by some state insurance departments that allows insurance companies to compete openly with the forms and rates they select, subject only to requirements of adequacy and nondiscrimination.

We hope the you have a better understanding of the meaning of Open Competition.

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