file-and-use state
Definition
A state which does not require insurance companies to receive approval for a new insurance rate before it is sent to the public, but which does require the company to send the rate adjustment to the state insurance board for filing.
Use file-and-use state in a sentence
“ You should always know whether you are in a file-and-use state and do things appropriately if you are in one. ”
“ My boss sent me to Nevada to negotiate the new insurance rate we would charge, but made clear before I left that we did not need regulatory approval because it is a file-and-use state. ”
