Presumptive Premium Rates
Exhibit 22-5
All Classes Except Class E
Plan | Plan Description | Rate |
10 | Single Premium 14-day Retroactive | Multiply rate from Exhibit 22-6 times Discount Factor * |
11 | Single Premium 30-day Retroactive | Multiply rate from Exhibit 22-6 times Discount Factor * |
12 | Single Premium 14-day Non-Retroactive | Multiply rate from Exhibit 22-6 times Discount Factor * |
13 | Single Premium 30-day Non-Retroactive | Multiply rate from Exhibit 22-6 times Discount Factor * |
14 | Single Premium 90-day Non-Retroactive° | $0.15 per year per $100 initial indebtedness times Discount Factor * |
16 | Outstanding Balance Revolving 14-day Retroactive | $1.78 per month per $1000 of outstanding insured indebtedness |
17 | Outstanding Balance Revolving 30-day Retroactive | $1.32 per month per $1000 of outstanding insured indebtedness |
18 | Outstanding Balance Revolving 14-day Non-Retroactive | $1.55 per month per $1000 of outstanding insured indebtedness |
19 | Outstanding Balance Revolving 30-day Non-Retroactive | $1.16 per month per $1000 of outstanding insured indebtedness |
22 | Outstanding Balance Other 14-day Retroactive | Multiply applicable Exhibit 22-6 rate by Conversion Formula ** |
23 | Outstanding Balance Other 30-day Retroactive | Multiply applicable Exhibit 22-6 rate by Conversion Formula ** |
24 | Outstanding Balance Other 14-day Non-Retroactive | Multiply applicable Exhibit 22-6 rate by Conversion Formula ** |
25 | Outstanding Balance Other 30-day Non-Retroactive | Multiply applicable Exhibit 22-6 rate by Conversion Formula ** |
26 | Outstanding Balance Other 90-day Non-Retroactive | Multiply Plan 14 SP without discount by Conversion Formula** |
* Single premium rates for plans 10 through 14 must be multiplied by the discount factor which is restated as follows:
Discount Factor = (1/(1 + ((i X n)/24)))
Where n = term of insurance coverage in months and i = .035
**Conversion formula is as follows: 20/(n + 1)
Where n = the term of the insurance coverage in months.
°Coverage cannot be less than 6 months