What Does Excess Loss Premium Factor Mean?

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

Excess Loss Premium Factor

Excess Loss Premium Factor

A factor used to calculate the charge to an insured under a retrospective rating plan to limit individual losses to a specified level. In other words, with an ELP, the insured elects to limit the effect of any single loss in return for additional premium.

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

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