Individual risk premium modification IRPM

Term · Insurance and risk management · MLC-T-INS-001819

A rating plan that adjusts a policy's premium based on its specific risk characteristics, such as management quality, safety programs, or employee training. The Individual Risk Premium Modification (IRPM) allows underwriters to apply a credit or debit to the standard premium, reflecting factors not captured by the base classification rates. This modification is expressed as a percentage, with limits set by state insurance regulators, for example, a maximum of plus or minus 25 percent.

Table 1. Record
Identifier	MLC-T-INS-001819
Field	Insurance and risk management

Record as JSON

{
  "id": "MLC-T-INS-001819",
  "term": "Individual risk premium modification IRPM",
  "field": "Insurance and risk management",
  "definition": "A rating plan that adjusts a policy's premium based on its specific risk characteristics, such as management quality, safety programs, or employee training. The Individual Risk Premium Modification (IRPM) allows underwriters to apply a credit or debit to the standard premium, reflecting factors not captured by the base classification rates. This modification is expressed as a percentage, with limits set by state insurance regulators, for example, a maximum of plus or minus 25 percent.",
  "url": "https://mlchart.com/terminology/insurance/individual-risk-premium-modification-irpm/"
}

Record 1,738 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.