The experience modifier helps determining the rate of premium of the workman's compensation insurance. The companies might use their experience modifier in deriving the premium level or may take the advantage of the existing experience modifiers.
The insurer by using the formula of experience modifier decides the insurability of a company. It'll compare the claim history, loss experiences and such of one company with the others of same nature and will decide accordingly.
Posted: Thu Sep 18, 2008 11:24 am Post Subject:
The experience modifier helps determining the rate of premium of the workman's compensation insurance. The companies might use their experience modifier in deriving the premium level or may take the advantage of the existing experience modifiers.
The insurer by using the formula of experience modifier decides the insurability of a company. It'll compare the claim history, loss experiences and such of one company with the others of same nature and will decide accordingly.
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