1656 Premium Rate Pattern Code
Code identifying the relative pattern of Mortgage Insurance premium rates charged over the life of the coverage
- Type
- Identifier (ID)
- Length
- Min 1 / Max 1
- Codes
Code | Description |
---|
A | Back Loaded Premium rate charged at inception is lower than subsequent recurring premium rates |
B | Front Loaded Premium rate charged at inception is greater than subsequent recurring premium rates |
C | Level Premium rate charged at inception and subsequent recurring premium rates are the same unless otherwise modified |
D | Modified front loaded The premium rate charged at inception and some subsequent premium rates are higher than the following recurring premium rates |