minimum rate


Definition of minimum rate

  1. 1 :  an insurance rate applied uniformly to all risks within a given group or class regardless of possible differences in hazards

  2. 2 :  the lowest permissible rate at which traffic may be handled by a carrier

  3. 3 :  the lowest wage rate assigned for a given task or to a given class of employees — compare minimum wage

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capable of being understood in two ways

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