§ 27-7-2-2 — Definitions

Indiana § 27-7-2-2

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 7: SPECIAL TYPES OF INSURANCE
• Ch. 2: Worker's Compensation

Text

As used in this chapter and unless a different
meaning appears from the context:
(a) "Department" means the department of insurance of this state.
(b) "Worker's compensation board" means the worker's
compensation board of Indiana.
(c) "Company" means an insurance company and includes all
persons, partnerships, corporations, or associations engaged in making
worker's compensation insurance under the laws of this state.
(d) "Domestic company" means a company organized under the
laws of this state.
(e) "Foreign company" means a company organized under the laws
of any state of the United States, other than this state or under the laws
of any territory or insular possession of the United States or the District
of Columbia.
(f) "Alien company" means a company organized under the laws of
any country other than the United States or a territory or insular
possession thereof or of the District of Columbia.
(g) "Person" includes individuals, corporations, firms, companies,
associations, and partnerships. The personal pronoun includes all
genders. The singular includes the plural, and the plural includes the
singular.
(h) "Commissioner" means the insurance commissioner of this state.
(i) "Bureau" means the worker's compensation rating bureau of
Indiana.
(j) "Interested person" means any person who has filed with the
department a request to be notified under sections 4(b) and 20.2(c) of
this chapter of each filing of rates by the bureau or a company.
(k) "Assigned risk plan" means the plan by which members of the
worker's compensation rating bureau provide for the insurance of
rejected risks.
(l) "Classification system" or "classification" means the plan,
system, or arrangement for recognizing differences in exposure to
hazards among industries, occupations, or operations of insurance
policyholders.
(m) "Experience rating" means a rating procedure utilizing 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.
(n) "Rate" means the cost of insurance per exposure base unit, prior
to any application of individual risk variations based on loss or expense
considerations, and does not include minimum premiums.
(o) "Schedule rating plan" means an independent rating plan that
measures hazard differences that have an immediate bearing on the
probability or severity of loss and applies debits and credits to modify
the premium for a risk.
(p) "Statistical plan" means the plan, system, or arrangement used
in collecting data.
(q) "Supplementary rate information" means any manual or plan of
rates, classification system, rating schedule, minimum premium, rating
rule, rating plan, and any other similar information needed to determine
the applicable premium for an insured.
(r) "Supporting information" means the experience and judgment of
the filer and the experience or data of other companies or 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.
Formerly: Acts 1935, c.323, s.2; Acts 1959, c.231, s.2. As
amended by P.L.252-1985, SEC.228; P.L.28-1988, SEC.87;
P.L.249-1989, SEC.3.