NAC686B.420. “Rate” defined.

Latest version.

“Rate” means the cost of insurance per exposure unit and may be expressed as a single number or as prospective loss costs that include an adjustment to account for the treatment of expenses, profit and variations in loss experience before individual risk variations based on loss or expense are applied. The term does not include minimum premiums.

(Added to NAC by Comm’r of Insurance, eff. 6-20-90)

                    
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