minimum rate


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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Cite this Entry

“Minimum rate.” Dictionary, Merriam-Webster, Accessed 26 Jan. 2021.

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