Rate making

{
  "id": "MLC-T-INS-002794",
  "term": "Rate making",
  "field": "Insurance and risk management",
  "definition": "The process by which insurers calculate the appropriate price for an insurance policy, known as the premium. This involves analyzing historical loss data, expenses, investment income, and projected future costs to determine a rate that is adequate, not excessive, and not unfairly discriminatory. Actuaries perform this analysis, often using statistical models to predict future claims and expenses.",
  "url": "https://mlchart.com/terminology/insurance/rate-making/"
}