experience rating

Definition

A quantitative measure used by an insurance company to determine how much a given policy should cost, calculated using historical data to determine the risk of future claims.

Use experience rating in a sentence

The experience rating was very high and that gave me good feelings and I went ahead with it and did it.

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You should try to have the best experience rating that you can have so that others will be happy to do business with you.

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Because of an accident a couple years ago on their record, their experience rating was sub par and they were going to have to pay a premium for insurance.

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community rating experience modification