Five categories of classification codes used in ratemaking.
The annual advisory rate filing, Appendix B-II, “Individual Classification Experience” categorizes classifications by Industry Groups. The filing indicates a percentage overall change in rate level as well as the rate level change by industry group. The groups are:
- Office & Clerical
- Goods & Services
In the Classification Codes and Statistical Codes Manual yellow pages, classifications are categorized into 37 schedules, and then by classification group numbers within schedules.
Industry Groups are different from the seven Hazard Groups (A through F). The Hazard Groups differentiate the degree of hazard from the least hazardous (group A) to the most hazardous (group F). Hazard Group values are used in Retrospective Rating and Experience Rating.
For Reference: Table of Industry Groups by Classification Code
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