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FINDLAW LEGAL DICTIONARY

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Short Rate

short rate n

1 : an insurance premium charge for less than a year of coverage that is more than a pro rata part of the annual premium
2 : an insurance policy written for less than one year called also short term



Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.