How To Define Insurance Rate?
A simple definition of Insurance Rate is: The insurance rate is the amount that an individual must pay for insurance coverage. Insurance rates are often rated according to monthly or annual payments, but not always.
The insurance fee is the amount needed to cover losses, cover expenses and generate a profit for the insurer for the insurance unit. Unlike the cost of damages, this fee includes the insurer's profit and expenses.
Literal Meanings of Insurance Rate
Meanings of Insurance:
An exercise or arrangement under which a company or government agency guarantees compensation for a particular loss, injury, illness or death in return for payment of a premium.
Something to protect against possible emergencies.
Synonyms of Insurance
shelter, defence, protection, safeguard, cover, provision, indemnity, immunity, preventive measure, financial protection, indemnification, security, precaution, safety measure, surety
Meanings of Rate:
Size, quantity, or frequency are usually measured in terms of another quantity or measure.
Synonyms of Rate
appraise, outlay, hold to be, consider to be, calculate, charge, judge, find to be, value, amount, estimate, judge to be, price, deem to be, fare, compute, weigh up, figure, tariff, gauge