What is the Definition of Rate?

What is the Definition of Rate?

The cost of a unit of insurance, usually per $1,000. Rates are based on historical loss experience for similar risks and may be regulated by state insurance offices.

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 Rate?

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A housing community with controlled entry access.

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Industry leader in classic car insurance that Nationwide has partnered with to provide premier coverage for classic, vintage and antique vehicles.

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A condition that creates or increases the chance that a loss will occur. For example, a wood-burning stove may increase the chance of a loss from a fire.

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