Rate

{
  "id": "MLC-T-INS-002792",
  "term": "Rate",
  "field": "Insurance and risk management",
  "definition": "The cost per unit of insurance, used to calculate the premium charged for a policy. It reflects the insurer's assessment of the risk associated with the insured exposure, considering factors like claims history, industry, and location. The premium is determined by multiplying the rate by the exposure unit, such as payroll for workers' compensation or property value for property insurance.",
  "subject": "Workers Compensation",
  "url": "https://mlchart.com/terminology/insurance/rate/"
}