Experience rating definition

Experience rating means a rating procedure utilizing past insurance experience of the individual policyholder to forecast future losses by measuring the policyholder's loss experience against the loss experience of policyholders in the same classification to produce a prospective premium credit, debit or unity modification.

Experience rating means a rating procedure utilizing past

Experience rating means a statistical procedure utilizing past risk experience to produce a

Examples of Experience rating in a sentence

• An employer’s record with respect to contributions paid, benefits charged, and taxable wages reported.23.1(10) Experience rating.

• Solely for purposes of de- termining the cost of coverage under a plan, if contributions for any period can vary with respect to a benefit package, the Commissioner may treat the employer as contributing the min- imum amount that would maintain the coverage for that period.(iii) Experience rating by group of em- ployers or group of employees.

• Delete: During contract performance, higher fill rates may result in a higher Past Performance and Experience rating for future acquisitions.

• Solely for purposes of determining the cost of coverage under a plan, if contributions for any period can vary with respect to a benefit package, the Commissioner may treat the employer as contributing the minimum amount that would maintain the coverage for that period.(iii) Experience rating by group of employers or group of employees.

• Experience rating is common in the insurance industry and is a feature of many workers’ compensation systems governed by state laws.

More Definitions of Experience rating

Experience rating means a rating procedure using past insurance experience of the individual

Experience rating means a rating procedure that:

Experience rating means a statistical procedure utilizing past risk experience to produce a prospective premium credit, debit or unity modification.

Experience rating means a rating procedure utilizing past insurance experience of the individual poli- cyholder to forecast future losses by measuring the policyholder’s loss experience against the loss experience of policyholders in the same classification to produce a prospective premium credit, debit or unity modification.

Experience rating means a rating procedure utilizing past insurance experience

Experience rating means a rating procedure utilizing past insurance experience of the individual policyholder to forecast future losses by measuring the policyholder’s loss experience

Experience rating an insurance program means that employers with fewer workers entering the program would pay a lower premium, and those with more workers entering the program would pay a higher premium.