South Carolina Code 38-73-480. Rate for group automobile insurance
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 38-73-480
- Contract: A legal written agreement that becomes binding when signed.
- insurance: includes annuities. See South Carolina Code 38-1-20
- Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
- Policy: means a contract of insurance. See South Carolina Code 38-1-20
An automobile insurance contract sold on the basis of a group plan or contract pursuant to § 38-77-130 shall have a rate not less than five percent less than the individual rate for which the insurer markets a substantially similar policy.