What Does Basic Premium Factor Mean?

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What does Basic Premium Factor mean? Read on to discover the definition & meaning of the term Basic Premium Factor - to help you better understand the language used in insurance policies.

Basic Premium Factor

Basic Premium Factor

Used in the retrospective formula to represent expenses of the insurer, such as acquisition, audit, administration, and profit or contingencies, but not taxes.

We hope the you have a better understanding of the meaning of Basic Premium Factor.

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