(1) An account established for future debits and credits related to a FINITE INSURANCE contract. (2) The specific history of loss experience an INSURER has with a given INSURED, which is often used to help formulate future PREMIUM rates for a broader class of insureds. (2) See also EXPERIENCE RATING.

More On This Topic

Link to This Definition
Did you find this definition of EXPERIENCE ACCOUNT helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary