How do Insurance Rating Classifications Work?
Based on one’s medical history and the results of the medical exam (if one is taken) an insurance company will make an offer (or occasionally decline to make an offer) that reflects their guidelines for a rating class. Each insurance company is somewhat different. They differ on the names of their classifications and in the requirements to qualify for a rating class. The following can give you some guidelines. Much of the content of these definition comes directly from major life insurance company rating guides. The classifications also differ between term life insurance and whole life plans especially in the extra rating categories.
