Terms Used In West Virginia Code > Chapter 33 > Article 6C - Guaranteed Loss Ratios as Applied to Individual Sickness and Accident Insurance Policies

• Commissioner: means the Insurance Commissioner of West Virginia. See West Virginia Code 33-6C-1
• Experience period: means , for any given rate filing for which a loss ratio guarantee is made, the period beginning on the first day of the calendar year during which the guaranteed rates first take effect and ending on the last day of the calendar year during which the insurer earns $1 million in premiums on the form in West Virginia or, if the annual premium earned on the form in West Virginia is less than $1 million, earns nationally. See West Virginia Code 33-6C-1
• Form: means individual sickness and accident policy forms of any insurer offering such benefits, other than a form for a limited benefits policy or certificate as defined in section two, article sixteen-e of this chapter. See West Virginia Code 33-6C-1
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Loss ratio: means the ratio of incurred claims to earned premium. See West Virginia Code 33-6C-1
• State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10