Washington State Insurance Practice Exam

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Prepare for the Washington State Insurance Exam. Study with interactive flashcards and multiple-choice questions. Each question offers hints and explanations to help you succeed.

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Which rating involves developing rates by applying a schedule of charges and credits to a base rate?

  1. Class Rating

  2. Experience Rating

  3. Judgment Rating

  4. Schedule Rating

The correct answer is: Schedule Rating

Schedule rating involves developing rates by applying a schedule of charges and credits to a base rate. This method helps insurers customize rates for specific risks by adjusting them based on predetermined criteria outlined in the schedule. Class rating, experience rating, and judgment rating are different rating methods that do not involve applying a schedule of charges and credits to a base rate.

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