Declassification

{
  "id": "MLC-T-INS-001089",
  "term": "Declassification",
  "field": "Insurance and risk management",
  "definition": "The process of removing a risk from a higher-rated or specialized classification to a lower-rated or standard one, typically due to improved risk characteristics or a change in underwriting guidelines. This can result in a reduction in insurance premiums for the policyholder. It reflects an updated assessment of the exposure to loss.",
  "url": "https://mlchart.com/terminology/insurance/declassification/"
}