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Retrospectively Rated Insurance

Retrospectively Rated Insurance

What is Retrospectively Rated Insurance?

What is 'Retrospectively Rated Insurance' An insurance policy with a premium that adjusts according to the losses experienced by the insured company, rather than according to an industry-wide loss experience.

What is a schedule rating?

Schedule rating is a means of providing pricing flexibility by adjusting the loss and / or expense components of an insured risk's premium to reflect characteristics of the risk which are deemed to be not adequately reflected in either prior experience or current rates of the insured risk.

What is a manual rate insurance?

Definition of manual rate. :an insurance rate based on the experience of a probable class of risks and published in a manual.

What is the minimum premium?

minimum premium. The least amount of premium to be charged for providing a particular insurance coverage. The minimum premium may apply in any number of ways such as per location, per type of coverage, or per policy.

What is a schedule modification?

Schedule Modification means certain corrections added to a project or businessschedule in order to respect some emergent events or impact of external factors.

What is an experience rated insurance policy?

DEFINITION of 'Experience Rating Insurance' The amount of loss that an insuredparty experiences compared to the amount of loss that similar insureds experience.Experience rating is most commonly associated with workers' compensationinsurance. It is used to calculate the experience modification factor.