Experience rating looks to the past lost experience of an insured, but affects the rate to be charged in the future.

Name: Experience rating looks to the past lost experience of an insured, but affects the rate to be charged in the future.
Brand: Quizplus
Rating: 4.7 (35 reviews)

Question

Quizplus · Accepted Answer

Experience rating adjusts an insured's premium for the upcoming policy period based on the losses incurred during previous periods, making past loss experience a factor in determining future rates.

Experience Rating Looks to the Past Lost Experience of an Insured