by Guest » Thu Nov 10, 2011 11:59 am
Hi,
Hope an insurance expert would throw some light on what exactly does Occupation Class mean?
Are there any resource where I can consult what occupation fall under which class? I would just like to make sure that my agent has me on the right class. Thanks in advance!
Hope an insurance expert would throw some light on what exactly does Occupation Class mean?
Are there any resource where I can consult what occupation fall under which class? I would just like to make sure that my agent has me on the right class. Thanks in advance!
Posted: Thu Nov 10, 2011 02:33 pm Post Subject:
Your occupation class is company dependent. In other words, each company has their own occupation class. The agent will be able to show you why you are in a certain class. It is based upon your duties and not your job title. With a good contract, you can have your occupation class improved, but never have it go down.
Ex. Jim has a contract with XYZ Insurance Company, he is an Occupation Class 5 as an accountant without a CPA designation. If he gets his CPA, he should be able to get it changed to Class 6 which would keep all aspects of the contract identical, but would lower is premium.
If he subsequently quits accounting to become a ditch digger, he would remain a Class 6 despite the fact that the insurance company doesn't usually insure ditch diggers.
Posted: Wed Dec 21, 2011 08:43 am Post Subject:
Hello,
fjdkd pretty much nailed it. Each insurance company has there own set of occupational classes. However, I wouldn't worry about your agent getting the class wrong. If the agent did get it wrong, the underwriting department should catch that and make the necessary adjustments.
Posted: Fri Dec 30, 2011 04:56 pm Post Subject:
Although different underwriters use different classification orders the following list can be taken as a rough outline of who is classified into which class:
Class 1 – Corporate officers and executives, actuaries, lawyers, school teachers, architects, physicians, civil servants, brokers and agents, etc.
Class 2 – Electricians, barbers, salesmen, chemists, registered and practical nurses, etc.
Class 3 – Cooks, bartenders, mechanics, plumbers, factory workers, waiters and waitresses, etc.
Class 4 – Fire fighters, law enforcement officials, mine workers, window washers, construction workers, truck drivers, etc.
Premiums based on the class of occupation vary from insurer to insurer because each company uses a different pricing model partially based on the company’s claim history for a particular occupation class.
Posted: Mon Jan 02, 2012 11:09 am Post Subject:
I can't think of a single carrier with a good contract that has physicians, lawyers, and teachers in the same OCC class.
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