Legal Definition of short rate
1
: an insurance premium charge for less than a year of coverage that is more than a pro rata part of the annual premium
2
: an insurance policy written for less than one year
— called also short term
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“Short rate.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/short%20rate. Accessed 12 Jun. 2021.
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