What does Flat Rate mean? Read on to discover the definition & meaning of the term Flat Rate - to help you better understand the language used in insurance policies.
(1) A fixed rate not subject to adjustment, regardless of loss experience or changes in exposure during the term of coverage. (2) In reinsurance, a percentage rate applied to a ceding company's premium writings for the classes of business reinsured to determine the reinsurance premiums to be paid the reinsurer.
We hope the you have a better understanding of the meaning of Flat Rate.