Step-Rate System
The Cyclopedic Law Dictionary · Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
The Cyclopedic Law Dictionary
A system of fraternal insurance by which the member pays each year or group of years according to the actual cost of the society of the protection furnished him, and thus increases each year or group of years as age increases, as distinguished from the level rate by which the member pays more than the actual cost in the earlier years and less than the actual cost in the later years.
188 111. App. 273, 274.