Definitions for "Risk classification"
An underwriting process used to determine the appropriate price category or Premium Rate Class of the proposed insured, according to risk factors associated with that person's health condition, occupation, lifestyle, etc.
Refers to a classification based on the actual and predicted number and size of losses that can be expected from the physician's specialty, procedures performed and geographic location. This is used to determine the premium.
Characteristics of those individual seeking a life insurance policy based on standard criteria (age, sex, health condition, occupation).