retrospective-rating
arrangement
An alternative funding method for a group
insurance contract whereby the insurer collects only a percentage
(often between 90% and 95%) of the premium from
the policyholder at the beginning of the premium-paying period and collects the
rest of the premium at the end of the period, unless the
group's claim experience is better than expected and the
additional premium therefore is not owed. With this
system
the
policyholder retains control of part of the
premium for
a longer time than with the
traditional system.
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