YOU ASK:

What is the definition of Rating Bureau?

WE ANSWER:

The Rating Bureau is an organization that provides pooled industry data that insurance companies can use in developing premium rates and to also help in providing key information such as approximations of future losses and the expenses the company stand to incur in relation to claims adjustment, as well as legal defense costs. The Rating Bureau collects these loss experiences and collates it based on line of business and specific geographical areas.

The Rating Bureau also works to prepare new insurance forms for insurance companies' applications and policies, in compliance to regulations and guidelines outlined by the state insurance department.

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