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Experience Rating |
Also found in: Medical | 0.01 sec. |
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Experience rating Experience Rating In insurance, a calculation of a policy's premium based on the likelihood of a claim on that policy. This calculation takes into account the policyholder's history of past claims with the aim of discouraging dangerous activities that would lead to a claim. For instance, a policyholder with a history of claims due to work-related injuries will likely pay higher premiums because of his/her experience rating than a policyholder with no such history. Indeed, an experience rating showing few or no claims can lead to discounts on premiums. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Thirty-five states now assign a professional employer organization its own experience rating based upon the actual experience of the worksite employees. Then the multivariate model--the segmentation, the predictive model--will determine whether there should be experience rating, schedule rating, based on the individual characteristics of the risk. The experience rating system, the basis for premiums paid by employers remains and continues to-encourage employers to to protect themselves from higher payroll costs. |
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