Somewhat obsolete term referring to rates promulgated by a rating bureau,
such as Insurance Services Office, Inc. (ISO), (commercial property, general
liability, commercial auto) and the National Council on Compensation Insurance
(NCCI) (workers compensation), before application of any credits or deviations.
Such rates were referred to as "manual rates" because they were published in
a rating manual. Today, the organizations once known as rating bureaus are often
referred to as insurance advisory organizations, and, in nearly all jurisdictions,
they promulgate and publish in their manuals not final rates, but advisory loss
costs to be used in calculating rates. Most insurers that elect to use these
loss costs furnish manual holders with a loss costs multiplier (reflecting that
insurer's expenses and desired underwriting profit) to use in converting the
manual loss costs to final rates.
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