Firstly, OP which ranking are you talking about, Combat, Exploration or Trade, or is it based on the highest of the three?
Secondly, I think FD have been very kind to us players regarding losing a ship in the game. Not only do we have insurance, for those stupid enough to fly without the funds there are loans available, or the real cry babies can plead their case with Customer Support. But the big bonus is that if you have the funds, you get an exact copy of your ship back. Doesn't matter if the station where you end up have never stocked that ship, never stocked the modules, miraculously suddenly everything is there just waiting for you. And to make matters worse, all that Engineering you grinded for, including the Experimentals that can ONLY be applied by an Engineer are suddenly available at every station - just doesn't make sense.
I would much prefer if upon death you get back your ship and modules, but the only Engineering that is applied is the ones you have pinned the blueprints for and no experimental effects - hell make death something to worry about !