Premium discount

{
  "id": "MLC-T-INS-002641",
  "term": "Premium discount",
  "field": "Insurance and risk management",
  "definition": "A reduction applied to the standard premium of a policy, most commonly in workers' compensation, where a graduated credit is given on the portion of standard premium above a stated size to reflect the lower expense ratio of larger accounts. Insurers also use the term more loosely for credits such as multi-policy or safe-driver discounts. The percentage rises in tiers with premium size, so larger policies receive a larger total reduction.",
  "url": "https://mlchart.com/terminology/insurance/premium-discount/"
}