South Carolina Code 38-83-90. Form of policy and rate structure
Current as of: 2023 | Check for updates
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(A) Policy forms and rate structure must be on an occurrence basis and coverage provided by the association only on that basis.
(B) The policy may not contain any limitation in relation to the existing law in tort as provided by the statute of limitations of this State.
Terms Used In South Carolina Code 38-83-90
- Association: means any joint underwriting association established pursuant to this chapter. See South Carolina Code 38-83-10
- Policy: means a contract of insurance. See South Carolina Code 38-1-20
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(C) The policy form shall not require as a condition precedent to settlement or compromise of any claim the consent or acquiescence of the insured. However, such settlement or compromise is not considered an admission of fault or wrongdoing by the insured.
(D) The premium rate charged for coverage must be at rates established on an actuarially sound basis, including consideration of trends in the frequency and severity of losses and must be calculated to be self-supporting.