Experience Rated definition
Experience Rated means a rating method in the large group market under which a health care service plan or insurer calculates the premiums for a large group in whole or blended based on the group’s prior experience. (H&SC § 1385.01(a)(3) & CIC § 10181(a)(3).)
Experience Rated means a rating method in the large group market under which a health insurer calculates the premiums for a large group in whole or blended based on the group’s prior experience.
Experience Rated also called “merit rated,” means that rates are based on the claims experience of the particular insured. In Vermont, all large employer groups are experi- ence rated— each large employer group has distinct rates determined on the basis of that employer group’s claims experience.
Examples of Experience Rated in a sentence
This amount will not exceed Munich Re, U.S. (Life)’s share of the maximum Automatic Binding Limits specified in Exhibit B.3. For Private Placement Experience Rated policies Munich Re, U.S. (Life)’s Share will be calculated as follows: The Credibility Factor (CF) provides the percentage of the NAAR that is Experience Rated and ranges from 0% to 100%.
For non-Private Placement Experience Rated policies, Munich Re, U.S. (Life)’s share will be 10% of the total policy net amount of risk on each policy.
The Township reserves the right to subscribe to and enter Retiree into a Community Direct Pay Program in lieu of Retiree being an Enrollee in Township Experience Rated Program.
More Definitions of Experience Rated
Experience Rated also called “merit rated,” means that rates are based on the claims experience of the particular insured person or group. In Vermont, all large employer groups are experience rated meaning that each large employer group has a distinct rate determined on the basis of that group’s claims experience.
Experience Rated means a rating method in the group market under which a health care service plan or health insurer calculates the premiums for a group in whole or blended based on the group’s prior experience. (Ibid.)