What Does Rating Experience Mean?

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

Rating Experience

Rating Experience

Computing a premium based on the loss experience of the risk itself. Essentially a comparison of actual losses with expected losses. If actual losses are lower than expected, a premium credit to the manual rate or prior-year premium results. If actual losses are greater than expected, a premium surcharge results.

We hope the you have a better understanding of the meaning of Rating Experience.

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