Glossary

Class action lawsuits are a type of lawsuit that is brought by a single, affected individual on behalf of a large group of similarly affected individuals.

The Class Action Fairness Act of 2005 (CAFA) is a law intended to prevent abuses associated with class action lawsuits.

Class action waivers are provisions in an arbitration agreement or other contract or agreement in which one party (e.g., the employee) waives the right to file a class action lawsuit against the other party (e.g., the employer).

A class III railroad has operating revenues of $36.6 million or less. Also known as a short-line railroad.

A class II railroad has operating revenues between $36.6 million and $457.9 million.

Under the Clean Air Act, a class I area is one in which visibility is protected more stringently than under the National Ambient Air Quality Standards (NAAQS); it includes national parks, wilderness areas, monuments, and other areas of special national and cultural significance.

A class I railroad has operating revenues that exceed $457.9 million.

Class of business refers to an industry classification according to the perils insured and the exposure.

Class rating is an Insurance Office Services, Inc. (ISO), method of determining property insurance premium for properties occupied by businesses that fall into certain "classes," provided that they meet certain eligibility criteria.

A clause is a section of a policy contract or of an endorsement attached to it dealing with a particular subject in the contract—for example, the "insuring clause" or the "coinsurance clause."