Terms Used In Montana Code > Title 33 > Chapter 16 - Rates -- Rating and Advisory Organizations

• Accepted actuarial standards: means the standards adopted by the casualty actuarial society in its Statement of Principles Regarding Property and Casualty Insurance Ratemaking and the Standards of Practice adopted by the actuarial standards board. See Montana Code 33-16-1008
• Advisory organization: means a person or organization that either has two or more member insurers or is controlled either directly or indirectly by two or more insurers and that assists insurers in ratemaking-related activities. See Montana Code 33-16-1008
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• Classification system: means the plan, system, or arrangement for recognizing differences in exposure to hazards among industries, occupations, or operations of insurance policyholders. See Montana Code 33-16-1008
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contingencies: means provisions in rates to recognize the uncertainty of the estimates of losses, loss adjustment expenses, other operating expenses, and investment income and profit that comprise those rates. See Montana Code 33-16-1008
• Developed losses: means adjusted losses, including loss adjustment expenses, using accepted actuarial standards to eliminate the effect of differences between current payment or reserve estimates and those needed to provide actual ultimate loss payments, including loss adjustment expense payments. See Montana Code 33-16-1008
• Expenses: means the portion of a rate that is attributable to acquisition, filed supervision and collection expenses, general expenses and taxes, licenses, or fees. See Montana Code 33-16-1008
• Experience rating: means a rating procedure using past insurance experience of the individual policyholder to forecast future losses by measuring the policyholder's loss experience against the loss experience of policyholders in the same classification to produce a prospective premium credit, debit, or unity modification. See Montana Code 33-16-1008
• Insurer: means a person licensed to write workers' compensation insurance as a plan No. See Montana Code 33-16-1008
• Judicial officers: means justices of the supreme court, judges of the district courts, justices of the peace, municipal judges, and city judges. See Montana Code 1-1-202
• Juror: A person who is on the jury.
• Knowingly: means only a knowledge that the facts exist which bring the act or omission within the provisions of this code. See Montana Code 1-1-204
• Loss trending: means a procedure for projecting developed losses to the average date of loss for the period during which the policies are to be effective, including loss ratio trending. See Montana Code 33-16-1008
• Market: means the interaction in this state between buyers and plan No. See Montana Code 33-16-1008
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Prospective loss costs: means historical aggregate losses and loss adjustment expenses, including all assessments that are loss-based and excluding any separately stated policyholder surcharges, projected through development to their ultimate value and through trending to a future point in time and ascertained by accepted actuarial standards. See Montana Code 33-16-1008
• Pure premium rate: means the portion of the rate that represents the loss cost per unit of exposure, including loss adjustment expense. See Montana Code 33-16-1008
• rates: means rate of premium, policy and membership fee, or any other charge made by an insurer for or in connection with a contract or policy of workers' compensation and employer's liability insurance, prior to application of individual risk variations based on loss or expense considerations. See Montana Code 33-16-1008
• Reserve estimates: means provisions for insurer obligations for future payments of loss or loss adjustment expenses. See Montana Code 33-16-1008
• Statistical plan: means the plan, system, or arrangement that is used in collecting data. See Montana Code 33-16-1008
• Subpoena: A command to a witness to appear and give testimony.
• Supplementary rate information: means a manual or plan of rates, statistical plan, classification system, minimum premium, policy fee, rating rule, rate-related underwriting rule, and any other information needed to determine the applicable premium for an individual insured that is consistent with the purposes of this part and with rules prescribed by rule of the commissioner. See Montana Code 33-16-1008
• Supporting information: means the experience and judgment of the filer and the experience or data of other insurers or advisory organizations relied on by the filer, the interpretation of any statistical data relied on by the filer, descriptions of methods used in making the rates, and any other similar information required to be filed by the commissioner. See Montana Code 33-16-1008
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Usual: means according to usage. See Montana Code 1-1-206
• Willfully: when applied to the intent with which an act is done or omitted, means a purpose or willingness to commit the act or make the omission referred to. See Montana Code 1-1-204