Home > Glossary

Individual Risk Premium Modification

Individual Risk Premium Modification (IRPM)

Definition

The sum of judgment rating factors (debits or credits) assigned to distinguish the insured's characteristics from the average insured in its class, which are not already recognized in the rating process. The judgment rating factor is applied to the premium to develop the modified premium. Examples include the insured's safety program, financial condition, and overall management attributes.

Related Terms

Related Products

Navigation

Social Media

User ID: Subscriber Status:Free