What Does Retroactive Rate Reduction Mean?

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

Retroactive Rate Reduction

Retroactive Rate Reduction

A retroactive rate reduction is a reduction in a premium rate that is applied to premiums that have already been paid. It often comes in the form of a cash refund or a certain amount of credit that can be applied to future premium payments.

We hope the you have a better understanding of the meaning of Retroactive Rate Reduction.

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