What does Specific Rates mean? Read on to discover the definition & meaning of the term Specific Rates - to help you better understand the language used in insurance policies.
Rates that are somewhat individual in nature and are based on the characteristic of the individual risk exposure. Four types of specific rates: 1) Schedule rating; 2) Experience rating; 3) Retrospective rating; and 4) Judgment rating.
We hope the you have a better understanding of the meaning of Specific Rates.