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Insurance Definition: TERRITORIAL RATING

By Compuquotes Team on March 27th, 2008

TERRITORIAL RATING:

Definition:

  • A method of classifying risks by geographic location to set a fair price for coverage. The location of the insured may have a considerable impact on the cost of losses. The chance of an accident or theft is much higher in an urban area than in a rural one, for example.

Information provided by Insurance Information Institute

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