Retro-note Plan
Means of financing by which some large organizations pay their property or liability insurance premiums to reflect losses actually paid during the first year of coverage, plus claims expenses, administrative and servicing expenses, and a loading for the company's profit. The insured signs a promissory note to the company for the difference in the normal or standard premium that should have been charged.
Popular Insurance Terms
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Addition to reflect exposures with a greater probability of loss than standard exposures. For example, insuring a munitions factory obviously requires a premium greater than that required ...
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Term referring to the most common charge, in health insurance, for a service. ...
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