composite rate

Definition

A single rate for which the insured is covered against a variety of perils. This is done in order to make it easier to calculate the premiums.

Use composite rate in a sentence

You should try and include everything in your composite rate so that it is easier for you to pay it all off.

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The composite rate that he encountered was actually quite reassuring and made it easier to believe that his assets were very well protected.

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When i purchased my house from the bank, i had my attorney put in a clause for a composite rate to insure that i would be covered from any unnecessary incidents.

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