MEDICAL,USA: 1. Cost of a unit of insurance coverage for an individual insurance policy. 2. Dollar amount for group insurance coverage that is stated in a master plan. Also called contract rate .
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UK: Amount charged for each unit of insurance or variable associate, e.g. turnover, reflecting the level of activity. The rate varies according to the degree risk (e.g. high, medium, low) and breadth of the cover. The rate may be per class or a rate per cent (or per mille).
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Price per unit of Insurance, usually per Rs. 100 or Rs. 1,000 per year.
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The cost of insurance, broken down to a per-unit cost.