Class rating and schedule rating use the same approach in arriving at a final fire insurance rate; both use a system of debits and credits and charges for particular property as compared to a standard.

Question

Quizplus · Accepted Answer

Class rating involves assigning a single rate to all properties in the same category, without considering individual differences, while schedule rating adjusts the base rate for a property based on its specific characteristics through a system of debits and credits.

Class Rating and Schedule Rating Use the Same Approach in Arriving