Product Update

Experience Rating Discussion Updated in IRMI Workers Comp

This release of IRMI Workers Comp updates the experience rating discussion.

Experience rating is an actuarial method of modifying future premiums by taking a retrospective snapshot of an insured's loss experience and comparing it to the experience of other employers in the same state and industry, so that premium charges might reflect that experience. Workers compensation experience rating is intended to assist underwriters in their efforts to remove the inequity in workers compensation premiums. It is done through the application of an experience modification factor. This discussion written by Sonja Guenther with IMA, Inc. reviews employer qualifications for an experience modifier, what effect ownership changes have on an experience modifier, how to read an experience rating worksheet, and steps an employer can take to control experience rating and verify the data used to develop it.

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