MLchartDataset catalogue

Experience rating

Term · Insurance and risk management · MLC-T-INS-001410

A method used to adjust an employer's workers' compensation insurance premium based on their actual loss history compared to the average losses for similar businesses. A modification factor, derived from the employer's past claims and payroll, is applied to the manual premium. Employers with better-than-average loss experience receive a credit, while those with worse experience receive a debit.

Table 1. Record
IdentifierMLC-T-INS-001410
FieldInsurance and risk management
SubjectWorkers Compensation
Record as JSON 
{
  "id": "MLC-T-INS-001410",
  "term": "Experience rating",
  "field": "Insurance and risk management",
  "definition": "A method used to adjust an employer's workers' compensation insurance premium based on their actual loss history compared to the average losses for similar businesses. A modification factor, derived from the employer's past claims and payroll, is applied to the manual premium. Employers with better-than-average loss experience receive a credit, while those with worse experience receive a debit.",
  "subject": "Workers Compensation",
  "url": "https://mlchart.com/terminology/insurance/experience-rating/"
}

Record 1,275 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.