What does Self Rating mean? Read on to discover the definition & meaning of the term Self Rating - to help you better understand the language used in insurance policies.
Prospective or retrospective rating whereby the rate depends on the experience of the insured. The term implies that the insured's exposure and loss experience is of a large enough size and time period to be statistically credible.
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 Self 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: