EXPERIENCE RATING Clause Samples
The Experience Rating clause establishes a method for adjusting insurance premiums based on the actual loss experience of the insured party over a specified period. In practice, this means that if the insured has fewer or less severe claims than expected, their premiums may be reduced in future periods; conversely, higher-than-expected losses can result in increased premiums. This clause incentivizes policyholders to manage and reduce risks, as their insurance costs are directly tied to their claims history, thereby promoting safer practices and fairer premium allocation.
EXPERIENCE RATING. Experienced teachers employed for the first time in the ▇▇ ▇▇▇▇▇-▇▇▇▇▇▇▇▇▇ school system including teachers being hired as long term substitutes, may be allowed such credit for previous teaching experience, up to full credit, as the School District in its discretion may determine.
EXPERIENCE RATING. (i) The Employer will acknowledge and recognize a person’s previous experience on the same or similar equipment if that experience can be substantiated by a logbook or letter
EXPERIENCE RATING. Periodically, but at least annually after the end of each Policy Year, United shall determine the retrospective experience rating for the SHIP (including any SHIP Policy reinsured by United, in whole or in part) in accordance with this Section 8.3. 8.
EXPERIENCE RATING. Half (1/2) credit:
EXPERIENCE RATING. A method of determining premiums based on the historical utilization data and demographics of a specific group. Large groups (over 51 employees) are generally experience-rated. A tax which applies to health plans in New York State as part of the hospital reimbursement formula. It is included in the premium for insured plans, but is paid directly by self-funded plans. Claims or benefits that occurred during a particular time period, but that have not yet been reported or submitted to an insurer so they remain unpaid. A funding arrangement designed to limit the amount of premium tax paid by the group and to limit the claims liability on a monthly basis. Method of calculating and comparing costs of providing health care services to plan participants in utilization reports.
EXPERIENCE RATING. The experience rating of Seller under the laws of the State of Ohio with reference to unemployment compensation, to the extent that such can be transferred;
EXPERIENCE RATING. This Contract is subject to experience rating by EALIC (by action of its Directors). The amount of any experience credit applicable to this Contract at the end of any Contract Year, if any, as determined by EALIC shall be applied on the Contract Anniversary to increase the Individual Accounts of the Participants.
EXPERIENCE RATING. In determining the ratio set forth above, the expected mortality for State Mutual will be experience rated on a quarterly basis. The experience rating formula, which will be used, is contained on Schedule E. If and when State Mutual ceases to cede all or any portion of the coverage defined in Article II (A), and State Mutual is deemed to be in a deficit position, the Accelerated Formula contained in Schedule E will be followed. A deficit position is defined as occurring whenever claims submitted by State Mutual on reinsurance assumed under this Agreement, over the life of this Agreement, exceed assessed claims on reinsurance ceded by more than 10%. Assessed claims are defined as the ceding company's ACTUALIZER pool share multiplied by the pool's actual claims.
EXPERIENCE RATING. An employee commencing work with the Employer who has had at least twelve (12) months verified experience in a Hospital ending at any time during the previous twenty-four (24) months, shall receive the wage rate as set out in Schedule “A” with credit for his previous experience provided such previous experience was in the same classification in which he is employed by the Employer.
EXPERIENCE RATING. Aetna may apply an experience credit to this Contract at the end of any Contract Year. Any such credit shall be applied in such manner as may be specified by the Contract Owner and agreed to be Aetna.