What is the Definition of Retrospective Rating?
A method of permitting the final premium for a risk to be adjusted, subject to an agreed upon maximum and minimum limit based on actual loss experience. It is available to large commercial insurance buyers.
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
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What is the Definition of Retrospective Rating?
You can find random definition and meaning of insurance terms below:
What is the meaning of Treaty
a reinsurance agreement between the ceding company and reinsurer.
What is the meaning of Unallocated Loss Adjustment Expense (ULAE)
loss adjustment expenses that cannot be specifically tied to a claim.
What is the meaning of Umbrella and Excess (Commercial)
coverage for the liability of a commercial venture above a specific amount set forth in a basic policy issued by the primary insurer; or a self-insurer for losses over a stated amount; or an insured or self-insurer for known or unknown gaps in basic coverages or self-insured retentions.
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