Class

{
  "id": "MLC-T-INS-000773",
  "term": "Class",
  "field": "Insurance and risk management",
  "definition": "A group of insureds or exposures that share similar risk characteristics, allowing an insurer to set a common premium rate for the entire group. Underwriters use factors like age, occupation, geographic location, or construction type to categorize risks into classes. This method of classification is the foundation of class rating, which contrasts with individual rating where each exposure is priced uniquely.",
  "url": "https://mlchart.com/terminology/insurance/class/"
}