Rate

(1) The cost of a given unit of insurance. For example, in ordinary life insurance, it is the price of $1,000 of the face amount. In disability income insurance, it is usually the price per $10 or per $100 of monthly benefits. In property insurance, it is the rate per $100 of value to be insured. The premium, then, is the rate multiplied by the number of units of insurance purchased. (2) The percent or factor applied to the ceding company's subject premium to produce the reinsurance premium or the percent applied to the reinsurer's premium to produce the commission. See also Premium.

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