What is Rate indication?
What is Rate indication? Indication. A non-binding rate, by an underwriter of the anticipated premium, that would be charged to coverage your given risk exposure; subject to the provision of additional information. What are on level factors? The on-level factor is a weighted sum of the average of the policy period % increases (i.e. ck) weighted by the amount of the [s1,s2) calendar period earned premium which came from policy period [tk,tk+1). What is the goal of ratemaking? Rate making, or insurance pricing, is the determination of rates charged by insurance companies. The benefit of rate making is to ensure...