MLchartDataset catalogue

Experience refund

Term · Insurance and risk management · MLC-T-INS-001411

A partial return of workers' compensation insurance premiums to a policyholder, typically at the end of the policy period, if their actual losses were lower than anticipated. This refund mechanism is common in retrospectively rated policies or dividend plans. It incentivizes employers to implement safety programs and manage claims effectively to reduce their overall insurance costs.

Table 1. Record
IdentifierMLC-T-INS-001411
FieldInsurance and risk management
SubjectWorkers Compensation
Record as JSON 
{
  "id": "MLC-T-INS-001411",
  "term": "Experience refund",
  "field": "Insurance and risk management",
  "definition": "A partial return of workers' compensation insurance premiums to a policyholder, typically at the end of the policy period, if their actual losses were lower than anticipated. This refund mechanism is common in retrospectively rated policies or dividend plans. It incentivizes employers to implement safety programs and manage claims effectively to reduce their overall insurance costs.",
  "subject": "Workers Compensation",
  "url": "https://mlchart.com/terminology/insurance/experience-refund/"
}

Record 1,252 of 3,682 in Insurance and risk management terminology (MLC-0106). Request the full dataset.