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Flat premium

A fixed non-adjustable premium. Sometimes used in reinsurance in respect of a portfolio of business that remains relatively unchanged over time or where a minimum premium situation applies.

Flat rate

UK: 1. An all-round rate as distinct from differential rating. The term is sometimes incorrectly used to refer to a fixed premium. 2. A reinsurance premium applicable to the entire premium income derived from the cedant from the business ceded to the reinsurer as distinct from the rate applicable to excess limits.
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In reinsurance, a percentage rate applied to a ceding company’s premium writings for the classes of business reinsured to determine the reinsurance premiums to be paid the reinsurer.
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REINSURANCE: In Reinsurance, a percentage rate applied to a ceding company’s premium writings for the classes of business reinsured to determine the reinsurance premiums to be paid the reinsurer. (ii) A reinsurance premium rate based on the entire premium income received by the ceding company from business ceded to the reinsurer, as distinguished from a rate applicable only to the excess limits premium.
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MEDICAL,USA: Method of payment in which all providers that render the same medical service are paid at the same rate. Also called uniform rate .
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UK: scheme Defined benefit scheme where the ultimate pension benefit depends on how long the member has been in the scheme. The pension accrues at a flat rate for each year regardless of earnings.
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REINSURANCE,REFERENCE: See: Rating

Fleet

A group of vehicles, ships or aircraft that are insured together under one policy. Sometimes these are subject to different rating approaches from those that would apply to individual risks.

Fleet insurance

Policy on a number of vehicles operated by the same insured and rated on an experience basis, i.e. fleet rating. Usually five or more vehicles constitute a fleet. The fleet itself can comprise vehicles of different classes, e.g. private cars, goods-carrying vehicles, etc. Aircraft and ships can also be insured as fleets.
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(i) A Motor Insurance Policy covering a group of similar vehicles with premiums calculated on an experience basis. (ii) A Hull Insurance contract covering a group of vessels in a single Policy. A Reinsurer’s line will be based, usually on the top value Vessel and pro-rata on the other, or may be interested in vessels only above or below a certain category.