What does Nonratable Elements mean? Read on to discover the definition & meaning of the term Nonratable Elements - to help you better understand the language used in insurance policies.
A type of charge, especially in workers compensation rating, that is based on a catastrophic type exposure and is thus excluded from ordinary rate making and is also not subject to experience rating and retrospective rating. An example of a nonratable element is an aircraft seat surcharge.
We hope the you have a better understanding of the meaning of Nonratable Elements.