Frequency

{
  "id": "MLC-T-INS-001596",
  "term": "Frequency",
  "field": "Insurance and risk management",
  "definition": "The number of claims or losses that occur within a specified period, such as a policy year. It is a key component, along with severity, used by actuaries and underwriters to calculate expected losses and determine appropriate premium rates for a given risk or a book of business. A high-frequency, low-severity risk profile, like minor auto accidents, contrasts with a low-frequency, high-severity profile, such as a major industrial fire.",
  "url": "https://mlchart.com/terminology/insurance/frequency/"
}