Hazard class pricing

{
  "id": "MLC-T-INS-001708",
  "term": "Hazard class pricing",
  "field": "Insurance and risk management",
  "definition": "A method of determining insurance premiums based on the classification of risks into groups with similar exposure to loss. Insurers assign a hazard class to an insured entity or property, reflecting its inherent risk characteristics. This classification directly influences the rate applied to calculate the premium, with higher hazard classes incurring greater costs due to increased potential for claims.",
  "url": "https://mlchart.com/terminology/insurance/hazard-class-pricing/"
}