MLchartDataset catalogue

Basic premium

Term · Insurance and risk management · MLC-T-INS-000533

The part of the final premium in a retrospective rating plan that pays for the insurer's acquisition and administrative expenses, profit and the insurance charge for the plan's loss limits, set as a percentage of standard premium. It is added to converted losses and multiplied by the tax multiplier to produce the retrospective premium, which stays between the plan's minimum and maximum. Basic premium is fixed at inception and does not move with the insured's losses.

Table 1. Record
IdentifierMLC-T-INS-000533
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-000533",
  "term": "Basic premium",
  "field": "Insurance and risk management",
  "definition": "The part of the final premium in a retrospective rating plan that pays for the insurer's acquisition and administrative expenses, profit and the insurance charge for the plan's loss limits, set as a percentage of standard premium. It is added to converted losses and multiplied by the tax multiplier to produce the retrospective premium, which stays between the plan's minimum and maximum. Basic premium is fixed at inception and does not move with the insured's losses.",
  "url": "https://mlchart.com/terminology/insurance/basic-premium/"
}

Record 288 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.