Proportional or relative value, measure, or degree; the proportion or stand-ard by which quantity or value is adjusted. Thus, the rate ot interest is the proportion or ratio between the principal and interest. So the buildings in a town are rated tor Insurance purposes; i. e., classified and individually estimated with reference to their insurable quallties. In thls sense also we speak of articles as being in “first-rate” or “second-rate” condltion
Source: Black's Law Dictionary 2nd Ed (1910)
