Insurance Rate
Updated: 11 March 2024
What Does Insurance Rate Mean?
An insurance rate is the exact amount of money that a person must pay to receive a specific amount of insurance coverage. Insurance rates are often categorized by monthly or yearly payments, but not always.
Insuranceopedia Explains Insurance Rate
Typically, the more insurance coverage a person would like to receive, the higher the insurance rates they will have to pay. Insurance rates also tend to be very different from one insurance category to the next.
The term "insurance rate" is used interchangeably with the term "premium rate." Premiums are just the costs associated with a particular insurance policy. Most policies require premiums to be paid in order to receive coverage.
Synonyms
Premium Rate
Related Definitions
Related Terms
Related Articles
Insurance Agents: What’s the Point?
5 Types of Auto Insurance Coverage It Pays to Understand
Putting Property up for Rent? Here’s What You Need to Know
The 5 Basic Types of Home Insurance Coverage You Need to Understand
The Future of Insurtech: How Technology is Transforming the Insurance Industry
Inside the Details of Auto Transport Insurance: An Expert Interview
Related Reading
Revealing the Most And Least Popular U.S. Insurance Companies
How to Get Into the Insurance Industry With a Finance Degree