What does Schedule Rating mean? Read on to discover the definition & meaning of the term Schedule Rating - to help you better understand the language used in insurance policies.
Schedule rating is the practice of either reducing or increasing a policyholder's premium based on certain conditions or factors. These conditions or factors are related to how much risk the insurer takes on.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Schedule Rating. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: