MLchartDataset catalogue

Retrospective rating

Term · Insurance and risk management · MLC-T-INS-002943

A method of calculating an insurance premium that adjusts the final cost based on the actual loss experience during the policy period. An initial premium is paid, and then a final premium is determined after the policy expires, taking into account incurred losses. This contrasts with prospective rating, where the premium is fixed at the start of the policy term.

Table 1. Record
IdentifierMLC-T-INS-002943
FieldInsurance and risk management
SubjectWorkers Compensation
Record as JSON 
{
  "id": "MLC-T-INS-002943",
  "term": "Retrospective rating",
  "field": "Insurance and risk management",
  "definition": "A method of calculating an insurance premium that adjusts the final cost based on the actual loss experience during the policy period. An initial premium is paid, and then a final premium is determined after the policy expires, taking into account incurred losses. This contrasts with prospective rating, where the premium is fixed at the start of the policy term.",
  "subject": "Workers Compensation",
  "url": "https://mlchart.com/terminology/insurance/retrospective-rating/"
}

Record 3,015 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.