RATE

A public valuation or assessment of every man’s estate; or the ascertaining how much tax every one shall pay. Proportional or relative value, measure, or degree; the proportion or standard by which quantity or value is adjusted. Thus, the rate of interest is the proportion or ratio between the principal and interest So the buildings in a town are rated for insurance purposes; i.e., classified and individually estimated with reference to their insurable qualities. In this sense also we speak of articles as being in “first-rate” or “second-rate” condition. Absolute measure, value, or degree. Thus, we speak of the rate at which public lands are sold, of the,rates of fare upon railroads, etc. 7. The term is also used as the synonym or “tax;” that is, a sum assessed by governmental authority upon persons or property, by proportional valuation, for public purposes. It is chiefly employed in this sense in England, but is there usually confined to taxes of a local nature, or those raised by the parish; such as the poor-rate, borough-rate, etc. It sometimes occurs in a connection which gives it a meaning synonymous with “assessment;” that is, the apportionment of a tax among the whole number of persons who are responsible for It by estimating the value of the taxable property of each, and making a proportional distribution of the whole amount Thus we speak of “rating” persons and property. In marine insurance, the term refers to the classification or scaling of vessels based on their relative state and condition in regard to insurable qualities; thus, a vessel In the best possible condition and offering the best risk from the underwriter’s standpoint ia “rated” as “A 1.” See Insurance Companies v. Wright, 1 Wall. 472, 17 L. Ed. 505. Rate of exchange. In commercial law. The actual price at which a bill, drawn in one country Upon another country, can be bought or obtained in the former country at any given time. Story, Bills,