Adjustable feature

{
  "id": "MLC-T-INS-000328",
  "term": "Adjustable feature",
  "field": "Insurance and risk management",
  "definition": "A policy provision that allows for the modification of premiums, coverage limits, or benefits based on specified conditions or experience during the policy term. This feature is common in policies where the underlying risk exposure can change, such as workers' compensation or certain types of liability insurance. For workers' compensation, the final premium is adjusted after the policy period based on an audit of the actual payroll.",
  "url": "https://mlchart.com/terminology/insurance/adjustable-feature/"
}