manual rate

manual rate

An insurance premium rate that is based on average claims data for a large number of groups, which is then adjusted for specific groups based on that group’s characteristics (e.g., type of industry, changes in benefits from the standard, etc.).
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References in periodicals archive ?
Schedule rating is used to alter manual rates to reflect individual risk characteristics and unique employer traits that are expected to have a material effect on the insureds future loss experience that are not actually reflected in the manual rate.
The Kerobee Farm in Benguet diversified its products from honey to organic vegetables and herbs, made its greenhouse more efficient, and invested in a machine that transformed tea packaging from a manual rate of 11 to an automatic rate of 35 bags per minute.
Kigo's new software will soon be able to make real-time adjustments to rental rates based on seasonality and market shifts, helping managers increase revenue, simplify the management of multiple rates, and remove the daily redundancy of manual rate management.
Today a few companies use predictive modeling to look at correlations and interdependencies between these variables and other plan design features to revamp and refine their manual rate basis and identify profitable and unprofitable groups.
So although the manual rate for this provision is an additional 5 percent, an additional "price" is for the insured to meet the agreed value requirement or else face a potentially significant penalty at claim time.
When this occurs, the proposed insured can benefit by having a manual rate of Table 5 or Table 6 offered with a standard non-smoker policy.
The authorized rate may be a manual rate. In states that authorize only manual rates, the rates are approved by the state insurance regulatory authority and must be used by each individual carrier as a starting point.
The automated system will enable a single operator to run up to 96 RNA samples at a time, compared to the current manual rate of 20 to 24 samples.
``Firefighters have been paid a manual rate for the job since 1977, but there have been massive changes in what we do over the years, and it is not reflected in pay levels.''
The prototype makes mine-clearing a much easier task as it can cover 100 square metres a second compared with a manual rate of just 40 metres per day.
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