Definition of minimum rate
1
: an insurance rate applied uniformly to all risks within a given group or class regardless of possible differences in hazards
2
: the lowest permissible rate at which traffic may be handled by a carrier
3
: the lowest wage rate assigned for a given task or to a given class of employees — compare minimum wage
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“Minimum rate.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/minimum%20rate. Accessed 28 Jun. 2022.
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