What does Basic Rate mean? Read on to discover the definition & meaning of the term Basic Rate - to help you better understand the language used in insurance policies.
The manual rate shown in an insurer's rate manual at basic limits, before adjustment for such factors as increased limit of liability. This term is somewhat obsolete as respects rating manuals published by independent rating organizations since the advent of loss cost rating.
We hope the you have a better understanding of the meaning of Basic Rate.