MANUAL PREMIUM definition
MANUAL PREMIUM means the premium computed according to the Experience Rating Plan provided for in the New Jersey Worker’s Compensation and Employer’s Liability Insurance Manual on file with the Commissioner and similar insurance industry rating plans for other lines of coverage.
MANUAL PREMIUM means the total premiums that would be paid in each fund year by each member to the Group pursuant to the rates approved for use by the Workers’ Compensation Rating and Inspection Bureau of Massachusetts if there were no adjustment for experience or the discount amount.
MANUAL PREMIUM means the premium computed by the Excess Insurance Carrier, by line of coverage as modified by the board of trustees to reflect the experience or other applicable item of consideration for the joint insurance fund as a whole or any individual member or members.
More Definitions of MANUAL PREMIUM
MANUAL PREMIUM means the premium computed according to the mandatory merit rating plan for workers’ compensation and similar insurance industry rating plans for other lines of coverage.
MANUAL PREMIUM means the actual premium, prior to any experience rating, for the premium year immediately preceding the premium year being rated for claims experience.
MANUAL PREMIUM means the Workers’ Compensation premium computed by applying the manual rates established for appropriate classifications to the appropriate payrolls by classification in accordance with the “Manual” of the ‘Bureau”.
MANUAL PREMIUM means the aggregate payroll by individual Payroll Classification Code multiplied by the Payroll Classifica- tion Rate.
MANUAL PREMIUM means the premium computed by the Excess Insurance Carrier or Reinsurance Carrier, by line of coverage as modified by the board of trustees to reflect the experience or other applicable item of consideration for the SPELL as a whole or any individual owner group or owner groups.
MANUAL PREMIUM means a premium determined by multiplying the rates from the manual which are currently applicable to the employer by the total amount of the payroll he reported for the prior fiscal year.