An underwriting term used to describe a policy or applicant considered to be a higher-than-average risk. (See also "Preferred Risk," "Standard" and "Declined.")
An applicant may be offered a premium that is higher than “standard” risk if he/she has a medical problem, a career of higher than normal risk, or a high risk lifestyle. This is called a “rated” policy.
An applicant may be offered a premium that is higher than standard risk if he/she has a medical or occupational condition that puts them at a greater risk. This is known as a rated policy.