Definition - What does Class Rating mean?
A class rating is a grouping of people with similar risk profiles for the purpose of issuing them an insurance rate that roughly corresponds to their risk levels.
Insuranceopedia explains Class Rating
Insurers can classify people or properties according to class ratings. A house, for instance, may be issued a class according to its location and the natural hazards that often strike in that area. This explains why two houses that have a similar structure and value can still require different premiums to pay for the same amount of coverage. Likewise, an individual's health or life insurance premiums can be higher than average based on their existing health issues or lifestyle.