What does Rating mean? Read on to discover the definition & meaning of the term Rating - to help you better understand the language used in insurance policies.
Determining the amount of premium to be paid to insure or reinsure a risk. Guaranteed cost rates are fixed during the policy period. Loss sensitive rates are those that can be adjusted after the end of a policy period, based upon the insured's actual loss experience.
We hope the you have a better understanding of the meaning of Rating.