California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 2 - Policy Forms and Other Documents › Article 6.8 - Credit Life and Credit Disability Insurance: Premium Rates › Section 2248.47 - Tables

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The rates set forth below in TABLES 1, 2 and 3 are deemed
					 to provide, on a prima facie basis, the loss ratios established by §
										2248.32(a). The
					 formulas used to derive the rates in TABLES 2 and 3 are available from the
					 Commissioner. Disability premiums computed in accordance with such formulas for
					 terms of insurance not specified in TABLE 2 shall be deemed to be in compliance
					 with this Article even though they may differ from those computed by
					 interpolation.
TABLE 1
PRIMA FACIE MAXIMUM LIFE INSURANCE
					 RATES
(per $1000 of insured amount per month)
Closed
							 End
Class(es)
Rate (PLR =
							 .55)
Joint Multiplier
Class A Decreasing and
							 Level
A
$0.61
1.6230
Scheduled Decreasing and
							 Level
B-E
$0.51
1.7451
Open End
Line of
							 Credit
A,B,D,E
$0.87
1.5517
Credit
							 Card
A,B,D,E
$0.87
1.5517
Credit Union Open
							 End
C
$0.68
1.7059
Credit Union Credit
							 Card
C
$0.68
1.7059
TABLE 2
PRIMA FACIE DISABILITY RATES FOR CLOSED END
					 LOANS
Sub Table A (Unsecured loans <$10,000 from
					 "regulated lenders")
SP (Single premium per $1000
								of Initial Insured Amount)
Term in Months*
MP (Premium per $1000 of
								Scheduled Remaining Payments)
Non-retroactive
Retroactive
Non-retroactive
Retroactive
14 Day
30
							 Day
14 Day
30
							 Day
14 Day
30
							 Day
14 Day
30
							 Day
2.49
3.00
1
2.49
3.00
1.86
2.52
2
1.24
1.68
16.01
7.97
19.29
10.80
12
2.49
1.24
3.00
1.68
23.46
13.07
27.00
17.11
24
1.92
1.07
2.21
1.40
29.84
17.51
33.06
21.44
36
1.67
.98
1.85
1.20
35.32
21.29
39.30
25.26
48
1.51
.91
1.68
1.08
39.72
24.46
44.32
28.49
60
1.38
.85
1.54
.99
43.58
27.24
48.35
31.32
72
1.28
.80
1.42
.92
46.63
29.78
52.12
33.70
84
1.19
.76
1.33
.86
49.52
32.28
55.27
36.25
96
1.12
.73
1.25
.82
52.07
33.89
57.96
38.31
108
1.06
.69
1.18
.78
54.45
36.12
60.38
39.90
120
1.01
.67
1.12
.74
*Interpolate linearly for rates for durations not
					 listed.
Sub Table B
SP (Single premium per $1000
								of Initial Insured Amount)
Term in
							 Months*
MP (Premium per $1000 of
								Scheduled Remaining Payments)
Non-retroactive
Retroactive
Non-retroactive
Retroactive
14 Day
30
							 Day
14 Day
30
							 Day
14 Day
30
							 Day
14 Day
30
							 Day
2.05
2.48
1
2.05
2.48
2.25
3.43
2
1.50
2.29
13.18
9.64
15.94
14.72
12
2.05
1.50
2.48
2.29
19.55
15.76
22.60
20.65
24
1.60
1.29
1.85
1.69
25.02
21.09
28.24
25.91
36
1.40
1.18
1.58
1.45
29.71
25.73
33.21
30.41
48
1.27
1.10
1.42
1.30
33.67
29.64
37.42
34.54
60
1.17
1.03
1.30
1.20
36.77
33.03
41.20
37.79
72
1.08
.97
1.21
1.11
39.58
36.05
44.28
40.76
84
1.01
.92
1.13
1.04
42.00
38.46
46.87
43.77
96
.95
.87
1.06
.99
44.70
40.77
49.61
46.17
108
.91
.83
1.01
.94
46.37
43.13
51.76
48.52
120
.86
.80
.96
.90
*Interpolate linearly for rates for durations not
					 listed.
Sub Table C (Group I)[DAGGER]
SP (Single premium per $1000
								of Initial Insured Amount)
Term in
							 Months**
MP (Premium per $1000 of
								Scheduled Remaining Payments)
Non-retroactive
Retroactive
Non-retroactive
Retroactive
14 Day
30
							 Day
14 Day
30
							 Day
14 Day
30
							 Day
14 Day
30
							 Day
3.42
5.19
1
3.42
5.19
3.81
6.89
2
2.54
4.60
21.99
16.33
33.37
29.57
12
3.42
2.54
5.19
4.60
32.62
26.76
47.04
41.54
24
2.67
2.19
3.85
3.40
41.64
35.74
58.97
52.18
36
2.33
2.00
3.30
2.92
49.59
43.51
69.00
61.52
48
2.12
1.86
2.95
2.63
56.12
50.08
78.00
69.65
60
1.95
1.74
2.71
2.42
61.62
56.18
85.80
76.94
72
1.81
1.65
2.52
2.26
66.23
61.13
92.49
83.08
84
1.69
1.56
2.36
2.12
70.30
65.88
98.15
88.87
96
1.59
1.49
2.22
2.01
74.17
69.26
103.64
93.82
108
1.51
1.41
2.11
1.91
77.10
73.32
107.83
98.12
120
1.43
1.36
2.00
1.82
[DAGGER]For Group II, multiply Group I rates by 1.1
For Group III, multiply Group I rates by 1.3
*Interpolate linearly for rates for durations not
					 listed.
Sub Table D
SP (Single premium per $1000
								of Initial Insured Amount)
Term in
							 Months*
MP (Premium per $1000 of
								Scheduled Remaining Payments)
Non-retroactive
Retroactive
Non-retroactive
Retroactive
14 Day
30
							 Day
14 Day
30
							 Day
14 Day
30
							 Day
14 Day
30
							 Day
2.55
4.21
1
2.56
4.21
2.46
4.59
2
1.64
3.06
16.46
10.54
27.07
19.67
12
2.56
1.64
4.21
3.06
24.44
17.35
38.00
27.49
24
2.00
1.42
3.11
2.25
31.10
23.05
47.36
34.67
36
1.74
1.29
2.65
1.94
36.96
28.30
55.67
40.70
48
1.58
1.21
2.38
1.74
41.73
32.52
62.74
46.34
60
1.45
1.13
2.18
1.61
45.96
36.09
68.77
50.73
72
1.35
1.06
2.02
1.49
49.38
39.58
74.07
54.86
84
1.26
1.01
1.89
1.40
52.61
42.44
78.70
58.36
96
1.19
.96
1.78
1.32
55.51
44.70
82.52
61.40
108
1.13
.91
1.68
1.25
57.69
47.44
86.26
64.70
120
1.07
.88
1.60
1.20
*Interpolate linearly for rates for durations not
					 listed.
Sub Table E
]
SP (Single premium per
								$1000 of Initial Insured Amount)
Term in
							 Months*
MP (Premium per $1000 of
								Scheduled Remaining Payments)
Non-retroactive
Retroactive
Non-retroactive
Retroactive
14 Day
30
							 Day
14 Day
30
							 Day
14 Day
30
							 Day
14 Day
30
							 Day
1.81
2.56
1
1.81
2.56
1.80
3.01
2
1.20
2.01
11.64
7.72
16.46
12.92
12
1.81
1.20
2.56
2.01
17.23
12.58
23.09
18.21
24
1.41
1.03
1.89
1.49
21.98
16.80
28.77
22.70
36
1.23
.94
1.61
1.27
26.20
20.58
33.92
25.26
48
1.12
.88
1.45
1.08
29.64
23.89
38.28
30.22
60
1.03
.83
1.33
1.05
32.68
26.56
41.88
33.37
72
.96
.78
1.23
.98
34.88
29.00
45.07
36.05
84
.89
.74
1.15
.92
37.14
30.95
47.75
38.46
96
.84
.70
1.08
.87
39.30
32.91
50.10
40.77
108
.80
.67
1.02
.83
40.97
34.50
52.30
42.59
120
.76
.64
.97
.79
* Interpolate linearly for rates for durations not
					 listed.
TABLE 3
PRIMA FACIE DISABILITY RATES FOR OPEN END LOANS, ALL
					 CLASSES
Type of
							 Coverage
Class of Business
MP (Premium per $1000 of Outstanding
								Principal Balance)
Non-retroactive
Retroactive
14
							 Day
30 Day
14
							 Day
30 Day
Credit Union Open End, Group
							 I
C
2.68
2.30
3.80
3.35
Group II = 1.1 X (Group I)
Group III = 1.3 X (Group I)
Line of
							 Credit
A
1.92
1.13
2.12
1.38
B
1.61
1.36
1.82
1.66
C
2.68
2.30
3.80
3.35
D
2.00
1.48
3.05
2.23
E
1.42
1.08
1.86
1.46
Credit
							 Card
A
1.92
1.13
2.12
1.38
B
1.61
1.36
1.82
1.66
C
2.68
2.30
3.80
3.35
D
2.00
1.48
3.05
2.23
E
1.42
1.08
1.86
1.46
TABLE 4
RATE DEVIATION CREDIBILITY TABLE
Average Number of Life
								Years
Incurred Claim
							 Count
Credibility Factor ("Z")
Life
Disability (all
								plans)
14 Day
30
							 Day
1
1
1
1
.00
1800
141
209
9
.25
2400
188
279
12
.30
3000
234
349
15
.35
4600
359
535
23
.45
5600
438
651
28
.50
6600
516
767
33
.55
7600
594
884
38
.60
9600
750
1116
48
.65
11600
906
1349
58
.70
14600
1141
1698
73
.75
17600
1375
2047
88
.80
20600
1609
2395
103
.85
25600
2000
2977
128
.90
30600
2391
3558
153
.95
40000
3125
4651
200
1.00
The above integers represent the lower end of the bracket
					 for each "Z" factor.
The upper end is 1 less than the lower end for the next
					 higher "Z" factor.
1. New
					 section filed 4-14-94; operative 5-16-94. Submitted to OAL for printing only
					 pursuant to Government Code section
					 11343(a)(1)
					 (Register 94, No. 15).
2. Editorial correction amending TABLE 2, Sub
					 Table A and Sub Table B (Register
3. Amendment of Tables 1-3,
					 repealer of Table 5 and amendment of NOTE filed 10-2-2001; operative 10-1-2001.
					 Submitted to OAL for printing only pursuant to Government Code section
					 11340.9(g)
					 (Register 2001, No. 40).
4. Amendment of Tables 1 and 2 and Sub
					 Table C filed 1-9-2002; operative 1-9-2002. Submitted to OAL for printing only
					 pursuant to Government Code section
					 11340.9(g)
					 (Register 2002,, No. 2).
Note: Authority cited: Sections
						779.21 and
						779.36,
						Insurance Code. Reference: Sections
						779.9 and
						779.36,
						Insurance Code; Sections
						18191,
						18290-
						18292,
						22314,
						22315 and
						22455,
						Financial Code; and Credit Insurance General Agents Association v. Payne,
						(1976) 16 Cal. 3d 651.