West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-37 - Substandard Risk Motor Vehicle Insurance Notice
Section 114-37-3 - Definitions
Current through Register Vol. XLI, No. 38, September 20, 2024
The following words and terms, when used in this rule, have the following meanings, unless the context clearly indicates otherwise:
3.1. "Application" means a printed form used by an insurance company which includes questions about a prospective insured and the desired insurance coverage and limits. It provides the insurer's underwriter with information for accepting or rejecting the prospective insured and rating the desired policy.
3.2. "Commissioner" means the Insurance Commissioner of the State of West Virginia.
3.3. "Contrasting Color" means a color strikingly dissimilar to the color of the other text and background as to produce an intensified effect that is easily readable and draws the attention of the reader.
3.4. "Form Filing" means a filing of the application and first page of the policy bearing the imprint of the specified statement submitted to the Commissioner for prior approval in accordance with W. Va. Code '33-6-8.
3.5. "Policy" is the form setting forth the automobile insurance declarations, insuring agreements, conditions and exceptions, often bound by a policy jacket.
3.6. "Reverse Print" means white text on a black background as to produce an intensified effect that is easily readable and draws the attention of the reader.
3.7. "State" means the State of West Virginia.
3.8. "Substandard Risk Insurance Application Notice" means the written notice required by W. Va. Code '33-6-31c(b).
3.9. "Substandard Risk Insurance Policy Notice" means the written notice required by W. Va. Code '33-6-31c(c).
3.10 ."Substandard Risk" means an applicant for insurance who presents a greater exposure to loss than that contemplated by commonly used rate classifications, as evidenced by one or more of the following conditions:
3.11. "Substandard Risk Rate" means a rate or premium charge that reflects the greater than normal exposure to loss which is assumed by an insurer writing insurance for a substandard risk.
