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excess loss premium factor (ELP)

The excess loss premium (ELP) factor is a factor used to calculate the charge to an insured under a retrospective rating plan to limit individual losses to a specified level.

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excess loss premium factor (ELP)

The excess loss premium (ELP) factor is a factor used to calculate the charge to an insured under a retrospective rating plan to limit individual losses to a specified level.

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In other words, with an ELP, the insured elects to limit the effect of any single loss in return for additional premium.