What Does Standard Premium Mean?

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

Standard Premium

Standard Premium

The premium developed by multiplying the appropriate rate by the proper exposure unit. This figure is then modified by experience rating, if applicable. If the risk is not subject to experience rating, the premium at manual rate is the standard premium.

We hope the you have a better understanding of the meaning of Standard Premium.

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