Rating class

{
  "id": "MLC-T-INS-002801",
  "term": "Rating class",
  "field": "Insurance and risk management",
  "definition": "A grouping of insureds who share similar characteristics that influence their risk profile and, consequently, their insurance premium. Insurers categorize individuals or entities into these classes based on factors such as age, gender, occupation, driving record, or property type. Each rating class is assigned a specific rate or a range of rates reflecting the expected cost of claims for that group.",
  "url": "https://mlchart.com/terminology/insurance/rating-class/"
}