rating schedule

  • A form of merit rating based principally on physical conditions existing in a risk, especially with respect to safety standards. This may take the form of driving hazards, in the case of garage liability insurance; it is also used in elevator liability insurance, in which credits from manual rates are allowed for approved elevator door interlocking devices, etc. Schedule rating concerns the condition of the hazards of the individual risk, and the computation of an adjusted rate according to whether the risk is more or less hazardous than the average of its classification.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).