Definition

A change made to your premium based on updated risk or claims history. Adjustments help keep the cost of coverage in line with your current situation.

What to consider

  • Regularly assess if current coverage is adequate.
  • Consider changes in personal or business circumstances.
  • Seek professional advice for improvements.

Real world scenarios

  • A business conducts an annual coverage review to ensure its insurance meets current needs.
  • An individual schedules a coverage review with his agent to update policy limits.
  • A nonprofit organization reviews its coverage after expanding operations.

Related terms

Insurance & Financial Protection