Schedule rating plan definition
Schedule rating plan means a rating plan by which an insurer increases or decreases workers’ compensation rates to reflect the individual risk characteristics of the subject of the insurance.
Schedule rating plan means a rating plan by which an insurer
Schedule rating plan means an independent rating plan that measures hazard differences that have an immediate bearing on the probability or severity of loss and applies debits and credits to modify the premium for a risk.
More Definitions of Schedule rating plan
Schedule rating plan means any rat- ing plan or system whereby a base rate for commercial insurance is adjusted or modified based upon a schedule of debits and credits reflecting observable rating characteristics, not reflected in the base rate itself, expected to affect an individual insured’s future loss exposure.