retrospective rate

noun

Definition of retrospective rate

: an insurance premium rate computed for a particular risk at the close of the period of coverage by adding the expense constant and the actual losses incurred with the final rate being subject to an agreed maximum

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“Retrospective rate.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/retrospective%20rate. Accessed 1 Dec. 2020.

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