What is EXPERIENCE REFUND?

The amount of PREMIUM an INSURER returns to an INSURED if the loss record is better than the amount indicated by the PURE PREMIUM incorporated in the basic premium rate.

More On This Topic



Link to This Definition
Did you find this definition of EXPERIENCE REFUND 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