Underwriting
Risk Management Credit
A premium discount offered by malpractice carriers to law firms that implement approved risk management practices. Qualifying activities may include formal intake and conflict-checking procedures, calendaring systems, continuing legal education beyond minimum requirements, and engagement letter protocols. Credits typically range from 5 to 15 percent of the base premium.
Related terms
Experience RatingAn underwriting method that adjusts an insured's premium based on their individual claims history re...Loss RatioThe ratio of claims paid (losses) to premiums earned, expressed as a percentage. A loss ratio of 60 ...UnderwritingThe process by which an insurance carrier evaluates the risk presented by a prospective insured and ...