MLchartDataset catalogue

Rating experience

Term · Insurance and risk management · MLC-T-INS-002802

The historical record of an employer's workers' compensation losses and payroll, used to calculate an experience modification factor. This factor adjusts an employer's standard premium based on how their actual losses compare to the average losses for similar businesses. Favorable experience results in a credit, while unfavorable experience leads to a debit.

Table 1. Record
IdentifierMLC-T-INS-002802
FieldInsurance and risk management
SubjectWorkers Compensation
Record as JSON 
{
  "id": "MLC-T-INS-002802",
  "term": "Rating experience",
  "field": "Insurance and risk management",
  "definition": "The historical record of an employer's workers' compensation losses and payroll, used to calculate an experience modification factor. This factor adjusts an employer's standard premium based on how their actual losses compare to the average losses for similar businesses. Favorable experience results in a credit, while unfavorable experience leads to a debit.",
  "subject": "Workers Compensation",
  "url": "https://mlchart.com/terminology/insurance/rating-experience/"
}

Record 2,832 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.