Install
Comp Trends terms
Frequency, severity and medical inflation.
Assigned risk planA state-run residual market that provides workers' compensation to employers that cannot buy it from an insurer in the voluntary market.Class codeThe numeric code that classifies a business's operations for rating, setting the workers' compensation rate per $100 of payroll.Employers' liabilityThe part of a workers' compensation policy covering suits over workplace injuries that fall outside the comp system, such as third-party-over claims.Experience modification rate (EMR)A multiplier on workers' compensation premium comparing an employer's actual claim losses with the losses expected for its industry and size.Large deductible programA policy where the insurer pays claims and then bills you for losses up to a high per-claim deductible, in return for lower premium and secured collateral.Monopolistic state fundA government-run workers' comp fund that is the exclusive source of coverage in its state; employers buy from it or self-insure, not from private carriers.NCCIThe National Council on Compensation Insurance, the rating and data organization behind workers' comp class codes, loss costs and mods in most states.Other states coverageWorkers' comp protection in Part Three of the standard policy that can apply in a state not listed in Item 3.A when you begin work there during the policy term.Pay-as-you-goA workers' comp billing arrangement where premium is calculated and paid each pay period on actual payroll, rather than as a large deposit trued up at audit.Premium auditThe insurer's after-the-fact review of payroll, sales or other exposures that replaces the pricing estimates, producing an additional or return premium.Retrospective ratingA rating plan that sets the final premium after the policy ends from the insured's actual losses in that period, within a minimum and a maximum.Schedule ratingAn underwriter's credits or debits to manual premium for risk traits that manual rates miss, such as premises condition, safety program or management quality.Stop gap coverageEmployers' liability insurance bought separately where a state fund provides workers' comp but does not insure lawsuits by injured employees or their families.USL&H coverageWorkers' comp coverage, added by endorsement, for maritime workers on or near navigable waters who fall under the federal Longshore Act.Workers' compensationState-mandated no-fault insurance that pays medical care and part of lost wages for work-related injuries, in exchange for limits on employee lawsuits.