Modification Rating


Definition of "Modification rating"

Carol Czarkowski real estate agent
Carol Czarkowski, Real Estate Agent Prosperity Realty LLC

(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.

 

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