Guaranteed Cost,
Guaranteed Cost:
Premiums that are likely to be collected without adjusting for losses during the policy's expiration period. At the outset of the policy, fees for receiving premiums are agreed upon and multiplied by the appropriate exposure base (eg sales, payroll, number of vehicles or area size). In the case of certified coverage lines (for example, employee compensation and general liabilities), changes to the premium only change the basis of the risk position during the insurance period. In other words, if the basis of actual exposure at the end of the insurance period is more or less than the estimate used to make the policy, the premium will be adjusted accordingly. Experiencing losses during the policy period does not affect the premium for that period.
Literal Meanings of Guaranteed Cost
Guaranteed:
Meanings of Guaranteed:
For this reason, it is guaranteed with government insurance.
Cost:
Meanings of Cost:
Payment (an amount of money) is required before the acquisition or realization of (an item or action).
Synonyms of Cost
put a figure on, be, fetch, market price, value, levy, be valued at, sell for, come to, asking price, toll, rental, selling price, put a price on, price, amount to, estimate the cost of, fare, hire charge, fee, estimate the price of, be priced at, put a value on
Guaranteed Cost,
How Do You Define Guaranteed Cost?
Premiums are expected to be billed without adjustment for losses incurred during the policy. At the beginning of the policy, the premium fee is agreed upon and multiplied by the appropriate risk base (eg sales, payroll, number of vehicles or square feet). In the case of certified lines of coverage (e.g. workers' compensation and general liability insurance), changes based on exposure only during the policy lead to a change in premium. That is, if the actual base risk position at the end of the contract is higher or lower than the estimate used at the beginning of the contract, the premium will be adjusted. The loss experience during the policy does not affect the premium.
Literal Meanings of Guaranteed Cost
Guaranteed:
Meanings of Guaranteed:
For which insured coverage is formally provided.
Provide a formal warranty, including satisfaction with certain terms related to a product, service or transaction.
I promise for sure.
Sentences of Guaranteed
The guaranteed bonus is not too much.
The company guarantees your money back.
No one can guarantee profit from stocks and shares.
Synonyms of Guaranteed
plight, give one's word, swear, give an undertaking, swear an oath, vow, take an oath, give assurances, pledge, give a pledge, swear to the fact, undertake, promise, give an assurance
Cost:
Meanings of Cost:
Payment (amount of money) is required before receiving or performing an item or action.
Appreciate the price.
The amount that is paid or spent to buy or receive something.
Sentences of Cost
We can cover the cost of the event.
Synonyms of Cost
tariff, quotation, rate, go for, valuation, face value, worth, knock someone back, set someone back, evaluate, damage
Guaranteed Cost,
How Do You Define Guaranteed Cost?
Possibly billed premiums without compensation for losses incurred during the policy. At the beginning of the policy, a fee is agreed to receive the premium and is multiplied by the appropriate risk basis (eg sales, payroll, number of vehicles or number of square feet). In the case of certified lines of coverage (such as Workers' Compensation Insurance and General Liability Insurance), changes to the policy's exposure basis only result in a change in premium. That is, if the actual principal risk position at the end of the contract is higher or lower than the estimate used at the beginning of the contract, the premium will be adjusted. The loss experience during the policy has no effect on the same premium.
Literal Meanings of Guaranteed Cost
Cost:
Meanings of Cost:
Payment (amount of money) of (something or action) is required before it can be obtained or performed.
