- Usually used in combination, rated-up or rated policy A policy issued with an extra premium charge REIMBURSEMENT - Payment of an amount of money related to the amount of the loss to or on behalf of the insured upon the occurrence of a defined loss
A term used to describe insurance issued to a person, who is a substandard risk, at a premium rate which is higher than that charged for a standard risk
Coverages issued at a higher rate than standard because of impairment of the insured Usually used as an adjective in such expressions as "rated risk," "rated policy," and "rated up " (LI)
An applicant may be offered a premium that is higher than standard risk if he/she has a medical or occupational condition that puts them at a greater risk This is known as a rated policy
A term used to describe insurance issued to a person who is a substandard risk and is charged a premium rate that is higher than that charged for a standard risk