retrospective rating
A rating plan that adjusts the premium, subject to a certain minimum and
maximum, to reflect the current loss experience of the insured. Retrospective
rating combines actual losses with graded expenses to produce a premium which
more accurately reflects the current experience of the insured. Adjustments
are performed periodically, after the policy has expired.
Links for IRMI Online Subscribers Only:
IWC XI.L,
XI.M,
XI.N;
RF III.D