The Collaborative International Dictionary of English v.0.48:

Rate \Rate\, v. t. [imp. & p. p. Rated; p. pr. & vb. n.
   Rating.]
   1. To set a certain estimate on; to value at a certain price
      or degree.
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            To rate a man by the nature of his companions is a
            rule frequent indeed, but not infallible. --South.
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            You seem not high enough your joys to rate.
                                                  --Dryden.
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   2. To assess for the payment of a rate or tax.
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   3. To settle the relative scale, rank, position, amount,
      value, or quality of; as, to rate a ship; to rate a
      seaman; to rate a pension.
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   4. To ratify. [Obs.] "To rate the truce." --Chapman.
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   To rate a chronometer, to ascertain the exact rate of its
      gain or loss as compared with true time, so as to make an
      allowance or computation dependent thereon.
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   Syn: To value; appraise; estimate; reckon.
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The Collaborative International Dictionary of English v.0.48:

Chronometer \Chro*nom"e*ter\, n. [Gr. ? time + -meter: cf. F.
   chronom[`e]tre.]
   1. An instrument for measuring time; a timekeeper.
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   2. A portable timekeeper, with a heavy compensation balance,
      and usually beating half seconds; -- intended to keep time
      with great accuracy for use an astronomical observations,
      in determining longitude, etc.
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   3. (Mus.) A metronome.
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   Box chronometer. See under Box.

   Pocket chronometer, a chronometer in the form of a large
      watch.

   To rate a chronometer. See Rate, v. t.
      [1913 Webster] Chronometric