US: A unit of cost that is multiplied by an exposure base to determine an insurance premium. An insurance rate is the amount of money necessary to cover losses, cover expenses, and provide a profit to the insurer for a single unit of exposure. Rates, as contrasted with loss costs, include provision for the insurer’s profit and expenses.
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MEDICAL,USA: Price or cost of insurance per unit that is used as a means for determination of a premium amount.
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UK,REFERENCE: See: PREMIUM RATE; FLAT RATE.
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The cost of a particular insurance unit. To arrive at the premium amount, the rate is multiplid by the amount of insurance units being purchased.
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The cost of a unit of insurance.
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REINSURANCE: The percent or factor applied to the ceding company’s subject premium that results in the reinsurance premium for excess of loss reinsurance.
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REINSURANCE: The percent or factor applied to the ceding company’s subject premium to produce the reinsurance premium or the percent applies to the reinsurer’s premium to produce the commission.
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The premium expressed as a percentage of the sum insured or limit of indemnity.
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The premium rate is the amount of premium charged per exposure unit, e.g., per $1,000.
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US: The pricing factor upon which the insurance buyer’s premium is based.