Empirical Rate Calculation


Definition of "Empirical rate calculation"

Bill Reitz real estate agent
Bill Reitz, Real Estate Agent Better Homes & Gardens

Adjustment of the burning cost ratio for the increase in number and size of losses (losses likely in excess of that used in the unadjusted burning cost rate), incurred but not reported losses (IBNR), inflation, expenses, profits, and contingencies.

 

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