Guaranteed Cost

A premium charged on a prospective basis, fixed or adjustable, or on a specified rating basis, but never on the basis of loss experience. In other words, the cost is guaranteed to the extent that it will not be adjusted based on the loss experience of the insured during the period of coverage

See Also: Employers Liability Coverage; Excess Loss Premium Factor; Federal Employees Compensation Act; Federal Employers Liability Act (FELA); Fellow Servant Rule;

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