Paid loss retrospective rating plan

{
  "id": "MLC-T-INS-002475",
  "term": "Paid loss retrospective rating plan",
  "field": "Insurance and risk management",
  "definition": "A method of adjusting an insurance premium after the policy period based on the actual losses paid by the insurer during that period. The initial premium is an estimate, and a final premium is calculated once all claims are settled, subject to minimum and maximum premium limits. This plan is often used for large commercial accounts with predictable loss patterns.",
  "url": "https://mlchart.com/terminology/insurance/paid-loss-retrospective-rating-plan/"
}