Experience modifier

{
  "id": "MLC-T-INS-001409",
  "term": "Experience modifier",
  "field": "Insurance and risk management",
  "definition": "A numerical factor, typically greater or less than 1.0, used in workers' compensation insurance to adjust an employer's standard premium based on their actual loss experience. A modifier below 1.0 indicates better-than-average loss experience, resulting in a premium discount. Conversely, a modifier above 1.0 signifies worse-than-average experience, leading to a premium surcharge.",
  "url": "https://mlchart.com/terminology/insurance/experience-modifier/"
}