Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan.
In terms of Insurance ,
Pricing is the process of putting a price tag on policies. The pricing of risk based on probabilities of loss occurrence constructed from statistical distributions.
Actuarial pricing is used to develop PREMIUMS that are intended to cover losses from underwritten risks and provide future benefits payable to beneficiaries.