What does Specific Rate mean? Read on to discover the definition & meaning of the term Specific Rate - to help you better understand the language used in insurance policies.
A specific rate is an insurance rate or price that is only applicable to one specific risk. Specific rates are commonly used in property insurance. This is because it can be very difficult for property insurers to generate generic rates for properties, since there can be so much variation from property to property.
We hope the you have a better understanding of the meaning of Specific Rate.