Definition - 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.