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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 that 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

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