Underwriting
Experience Rating
Definition
Pricing method using the insured's or portfolio's historical loss experience to determine future premiums.
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Related Terms
Underwriting
Loss Run
Historical record of claims and losses for an insured or portfolio over a specific period. Critical for underwriting decisions and pricing analysis.
Underwriting
Burning Cost
Historical average loss cost used in pricing reinsurance, calculated by dividing losses in a layer by exposure or premium.