May 2011 Dec Page

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Article of the Month

 

Retrospective rating plans are available for use with various types of insurance, but the more common usage is with workers compensation. These rating plans offer a system for determining premiums after the policy period; they adjust premiums at the expiration of the policy period by comparing losses incurred during the current policy year with those expected during the same period. In effect, the intent of retrospective rating is to charge a premium that reflects losses so that, to the extent that the insured controls losses, there is a reward through lower premiums.

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