What Does Open Rating Mean?

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

Open Rating

Open Rating

A pricing regulation approach associated with workers compensation premium costs in which state regulators allow insurers to issue policies using rates other than those established by the managing rating bureau. Types of variances include the use of rate deviations and the promulgation of rates by the insurers.

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

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