What does Experience mean? Read on to discover the definition & meaning of the term Experience - to help you better understand the language used in insurance policies.
Experience, in the context of insurance, refers to the history or record of loss of an agent, policyholder, or other entity. It can also refer to the statistics calculated using the ratio of losses made by the policyholder to the premium of their insurance policy.
We hope the you have a better understanding of the meaning of Experience.