Rate - Definition - Law Dictionary Home Dictionary Definition rate

rate

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1 : a fixed ratio between two things
2 : a charge, payment, or price fixed according to a ratio, scale, or standard: as
a : a charge per unit of a commodity provided by a public utility
b : a charge per unit of freight or passenger service see also joint rate
c : a unit charge or ratio used in assessing property taxes
3 a : a quantity, amount, or degree of something measured per unit of something else
b : an amount of payment or charge based on another amount
;specif
: the amount of premium per unit of insurance
rate vt