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short rate

noun, Insurance.
1.
a charge, proportionately higher than the annual rate, made for insurance issued or continued in force by the insured for less than one year.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Examples from the web for short rate
  • In no event may the refund of unearned premium be computed by use of a short rate table.
  • In the insurance world, there's something called a short rate that if you cancel your premium, they penalize you.

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