What does Flat mean? Read on to discover the definition & meaning of the term Flat - to help you better understand the language used in insurance policies.
Without interest, service, additional charges, or adjustments. For example, when a premium is quoted on a "flat" basis, no additional premiums (or refunds) will be due under the policy, regardless of loss experience or changes in exposure during the term of coverage.
We hope the you have a better understanding of the meaning of Flat.