MLchartDataset catalogue

Loss limitation

Term · Insurance and risk management · MLC-T-INS-002073

A provision in some workers' compensation insurance policies or rating plans that caps the amount of a single claim's cost that will be used in calculating an employer's experience modification factor. This prevents a single, unusually large claim from disproportionately increasing an employer's future premiums. The specific limit varies by state and rating bureau rules.

Table 1. Record
IdentifierMLC-T-INS-002073
FieldInsurance and risk management
SubjectWorkers Compensation
Record as JSON 
{
  "id": "MLC-T-INS-002073",
  "term": "Loss limitation",
  "field": "Insurance and risk management",
  "definition": "A provision in some workers' compensation insurance policies or rating plans that caps the amount of a single claim's cost that will be used in calculating an employer's experience modification factor. This prevents a single, unusually large claim from disproportionately increasing an employer's future premiums. The specific limit varies by state and rating bureau rules.",
  "subject": "Workers Compensation",
  "url": "https://mlchart.com/terminology/insurance/loss-limitation/"
}

Record 2,008 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.