Modification Rating
Definition of "Modification rating"
(also known as merit rating) method of setting property insurance rates by modifying or adjusting the manual rate for various classifications of risks. Modifications may be based on past or anticipated loss experience. The three types of modification rating are experience rating, retrospective rating, and schedule rating.
Popular Insurance Terms
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Risk management control procedure that emphasizes safety management. Its purpose is to reduce the frequency and severity of potential losses. Business firms apply this procedure by posting ...
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