What is the Definition of Loss Ratio?
Percentage of each premium dollar an insurer spends on claims.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Annuity?
What is the Definition of Loss Ratio?
You can find random definition and meaning of insurance terms below:
Meaning of Commercial Paper in Insurance Terms
Short-term, unsecured and, usually, discounted promissory note issued by commercial firms and financial companies often to finance current business. Commercial paper, which is rated by debt rating agencies, is sold through dealers or directly placed with an investor.
Meaning of Commission in Insurance Terms
Fee paid to an agent or insurance salesperson as a percentage of the policy premium. The percentage varies widely depending on coverage, the insurer, and the marketing methods.
Meaning of Community Rating Laws in Insurance Terms
Enacted in several states on health insurance policies. Insurers are required to accept all applicants for coverage and charge all applicants the same premium for the same coverage regardless of age or health. Premiums are based on the rate determined by the geographic region’s health and demographic profile.
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