New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 27 - MEDICAL MALPRACTICE LIABILITY INSURANCE
Subchapter 14 - CHANGES TO MEDICAL MALPRACTICE LIABILITY INSURANCE RATES
Section 11:27-14.2 - Definitions
The following words and terms, as used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Department" means the New Jersey Department of Banking and Insurance.
"Insurer" means an insurer authorized or admitted to transact medical malpractice liability insurance in this State.
"NAIC" means the National Association of Insurance Commissioners.
"Prospective loss cost" means that portion of a rate that does not include provisions for expenses (other than loss adjustment expenses) or profit, and are based on historical aggregate losses and loss adjustment expenses adjusted through development to their ultimate value and projected through trending to a future point in time.
"Rate" means the unit charge by which the measure of exposure or the amount of insurance specified in a policy of insurance or covered thereunder is multiplied to determine the premium. The unit charge may be expressed as a single number or as a prospective loss cost and an adjustment to account for the treatment of expenses, profit and variations in loss experience.
"Rate change" means a change to any part of a rating system that results in a change to an insured's premium that is not accompanied by a corresponding change in coverage.
"Rating organization" means every person or persons, corporation, partnership, company, society or association engaged in the business of rate-making for two or more insurers.
"Rating system" means every schedule, class, classification, rule, guide, standard, manual, table or rating plan by whatever name described containing the rates and rules used by any insurer in determining or ascertaining a rate.
