Definitions for "Rated policy"
An insurance policy that is classified as having a greater-than-average likelihood of loss, usually issued with special exclusions, a premium rate that is higher than the rate for a standard policy, a reduced face amount, or any combination of these.
Insurance that costs you a higher premium because you have a physical impairment, past medical condition, hazardous occupation, dangerous hobby, or some other underwriting risk.
An insurance policy issued at a higher premium rate to cover risks considered to be particularly severe.