“Uniform classification plan,” in addition to the definition of “classification system” in Section 31A-19a-102, means a plan:
Terms Used In Utah Code 31A-19a-403
classification: means the process of grouping risks with similar risk characteristics so that differences in anticipated costs may be recognized. See Utah Code 31A-19a-102
Experience rating: means a rating procedure that:
(a)
uses the past insurance experience of an individual policyholder to forecast the future losses of the policyholder by measuring the policyholder's loss experience against the loss experience of policyholders in the same classification; and
(b)
produces a prospective premium credit, debit, or unity modification. See Utah Code 31A-19a-102
Insurance: includes :
(i)
a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
(ii)
a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
(iii)
a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
that is consistent between all insurers of classification codes and descriptions; and
(b)
by which like workers’ compensation exposures are grouped for the purposes of underwriting, rating, and statistical reporting.
(2)
“Uniform experience rating plan” means a plan that is consistent between all insurers for experience rating entities insured for workers’ compensation insurance.
(3)
“Uniform statistical plan” means a plan that is consistent between all insurers that is used for the reporting of workers’ compensation insurance statistical data.
