WAC 284-24A-005. Definitions that apply to this chapter

The definitions in this section apply throughout this chapter: (1) "Demographic factors" means the factors listed below if they are used in an insurer's rates, rating tiers, rating factors, rating rules or risk classification plan: (a) Age of the insured; (b) Sex of the insured; (c) The rating territory assigned to the property location for residential property insurance and to the vehicle's garage location for personal auto insurance. (2) "Premium" means the same as RCW 48.18.170 . (3) "Rate" means the cost of insurance per exposure unit. (4) "Rating factor" means a number used to calculate premium. (5) "Risk classification plan" means a plan to formulate different premiums for the same coverage based on group characteristics. (6) "SERFF" means the System for Electronic Rate and Form Filing. SERFF is a proprietary National Association of Insurance Commissioners (NAIC) computer-based application that allows insurers and other entities to create and submit rate, rule and form filings electronically to the commissioner. (7) "Significant factor" means an important element of a consumer's credit history or insurance score. Examples of significant factors include: (a) Bankruptcies, judgments, and liens; (b) Delinquent accounts; (c) Accounts in collection; (d) Payment history; (e) Outstanding debt; (f) Length of credit history; and (g) Number of credit accounts. (8) "Substantive underwriting factor" means a factor that is very important to an underwriting decision. Examples of substantive underwriting factors include: (a) History of filing claims; (b) History of moving violations or accidents; (c) History of driving uninsured; (d) Type of performance for which a vehicle is designed; and (e) Maintenance of a structure to be insured. (9) "Vehicle" means any motorized vehicle that can be insured under a private passenger auto insurance policy.