[F072]

flat rate
1) In reinsurance, the rate agreed upon between the reinsurer and ceding company to be charged the insured for the coverage, which is a final rate and not adjusted for loss experience, size of the risk, or any other credits or debits.

2) A rate set for a coverage that remains unchanged throughout the policy period, even if the insured suffers unexpected losses.

3) A property insurance rate used when no coinsurance applies to the policy.