Worker's Compensation
a factor developed by measuring the difference between the insured's actual past experience and the expected or actual experience of the class.
what is experience rating modifier or experience modifier rating (ERM or EMR)?
an insurance contract provision limiting the maximum liability of an insurer for a series of losses in a given time period.
what is an aggregate limit
a condensed document that verifies liability insurance coverage.
what is a certificate of insurance?
the national insurance rating and data collection bureau specializing in worker's compensation
what is the National Council on Compensation Insurance (NCCI)?
the most expensive coverage a contractor purchases
what is worker's compensation
the calculation of contractor's insurance costs
what is an insurance cost worksheet?
What are Loss exposure catagories
modifications made to the standard worker's compensation and employer's liability policy
what is an endorsement?
the filing of exposure, premium, and loss data (by state) for every WC policy issued
what is unit statistical plan
a business relationship in which two or more persons combine their labor or property for a single undertaking and share profits and losses equally or as agreed.
the event in American history that led to the development of worker's compensation law.
what is the Industrial Revolution?
what is a controlled insurance program or owner controlled insurance program
the date that governs the application of rates and experience modifiers when a prior policy has been cancelled midterm.
what is an anniversary rating date (ARD)?
a unit of cost that is multiplied by an exposure base to determine an insurance premium
what is a rate?
shift of financial burden of losses to another party
what is risk transfer?