What is the Definition of Rated Policy?

What is the Definition of Rated Policy?

An insurance policy that is classified as having a greater-than-average likelihood of loss, usually issued with special exclusions, a premium rate that is higher than the rate for a standard policy, a reduced face amount, or any combination of these.

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 Rated Policy?

You can find random definition and meaning of insurance terms below:

What is the meaning of Dwelling fire policy

Coverage offered for property that is, at least partially, rented out to others.

What is the meaning of Dwelling replacement cost plus/guarantee

An optional coverage that can provide additional protection above the amount a home is insured for. It is designed to protect against unforeseen increases in the cost of repairs.

What is the meaning of Endorsement

A statement added to an insurance policy that alters, deletes or adds coverage, terms or provisions of the policy.

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