8801
Phraseology
CREDIT UNIONS — all employees — including Clerical Office Employees, Clerical Telecommuter Employees and Outside Salespersons
The entire remuneration of each employee shall be included, subject to a maximum of $159,900 per year. When the policy is in force for less than a 12-month period, the maximum payroll amount shall be prorated based upon the number of weeks in the policy period.
Footnote
This classification applies to not-for-profit, member-owned depository financial institutions that are chartered as federal or state credit unions providing financial services including but not limited to share draft accounts, individual retirement accounts, savings accounts, travelers' checks and consumer and commercial loans.
Commissioned loan brokers engaged exclusively in matching qualified mortgage applicants with lenders with no direct lending of funds shall be classified as 8743, Mortgage Brokers.
Companies that specialize in direct lending of funds for residential or commercial mortgages shall be classified as 8749, Mortgage Bankers.
Real estate agencies that represent buyers, sellers, lessees and lessors in real estate transactions shall be classified as 8741, Real Estate Agencies.
The operation of depository financial institutions that are licensed as banks to perform financial services, including but not limited to accepting deposits, paying interest, clearing checks, making loans and exchanging currency shall be separately classified as 8808, Banks.
The operation of properties away from the credit union premises, including but not limited to trusts, repossessed properties and other business properties shall be separately classified.
Approved Pure Premium Rates
| Effective Date | Pure Premium Rate | Note |
|---|---|---|
| $0.40 | New/Renewal | |
| $0.49 | New/Renewal | |
| $0.62 | New/Renewal |
Previous Phraseology and Footnote
Phraseology:
CREDIT UNIONS — all employees — including Clerical Office Employees, Clerical Telecommuter Employees and Outside Salespersons
The entire remuneration of each employee shall be included, subject to a maximum of $154,700 per year. When the policy is in force for less than a 12-month period, the maximum payroll amount shall be prorated based upon the number of weeks in the policy period.
Footnote:
This classification applies to not-for-profit, member-owned depository financial institutions that are chartered as federal or state credit unions providing financial services including but not limited to share draft accounts, individual retirement accounts, savings accounts, travelers' checks and consumer and commercial loans.
Commissioned loan brokers engaged exclusively in matching qualified mortgage applicants with lenders with no direct lending of funds shall be classified as 8743, Mortgage Brokers.
Companies that specialize in direct lending of funds for residential or commercial mortgages shall be classified as 8749, Mortgage Bankers.
Real estate agencies that represent buyers, sellers, lessees and lessors in real estate transactions shall be classified as 8741, Real Estate Agencies.
The operation of depository financial institutions that are licensed as banks to perform financial services, including but not limited to accepting deposits, paying interest, clearing checks, making loans and exchanging currency shall be separately classified as 8808, Banks.
The operation of properties away from the credit union premises, including but not limited to trusts, repossessed properties and other business properties shall be separately classified.