Experience modification factor definition

Experience modification factor means a value assigned to an employer as determined by a rate
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Experience modification factor means a value assigned to an employer as determined by a rate service organization in accordance with its uniform experience rating plan required to be filed pursuant to subsection D of § 38.2-1913.
Sample 1
Experience modification factor means a value assigned to
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Examples of Experience modification factor in a sentence

  • Experience modification factor for workers’ compensation insurance.

  • Note: Experience modification factor must be entered as a number (decimal) and not as a percentage on the hospital worksheet, Exhibit 6 (98.9% should be entered as 0.989).Note: The Hospital Worksheet multiplies the bed counts by the territory rate to reach the subtotal amount.

  • Experience modification factor revision for certain closed claims.

  • Maintain contractor data to include: 6.6.1.2.1. List of all contractors including name, address and phone number, 6.6.1.2.2. List of contractors by tier/relationship (e.g., general contractor, subcontractor, sub-subcontractor, etc.), 6.6.1.2.3. Contract date, startup date, and completion date for each contract, 6.6.1.2.4. Experience modification factor, estimated contract amount, description of work, payroll data, labor classifications, rates and premiums, and 6.6.1.2.5. Reported payroll.

  • Experience modification factor or rate (EMR) compares a company with others in its classification, and is a means of allocating premium among employers within a classification according to their relative contribution to class cost.

  • He commented there is no valid reason to change regulations for Mid-Continent Sandhill Cranes in 1989, and there is no apparent reason to oppose the proposal to expand the area open to sandhill crane hunting in Texas.

  • Experience modification factor is defined in the bill as “a value assigned to an employer as determined by a rate service organization in accordance with its uniform experience rating plan required to be filed pursuant to subsection D of §38.2-1913.” Effective Date: July 1, 2016.

  • FinanceFinance (like ambition) was omni-present as an underlying topic, providing a nuance to almost all negotiation topics.

  • Their worker’s compensation rate computes as follows:Base rate: $8.59 Experience modification factor x 1.60 13.74ARAP surcharge x 1.25Premium per $100 of payroll $17.18 Base rate: $5.94Experience modification factor x .94 5.58No ARAP surchargePremium per $100 of payroll $5.58Note: in this example, company #1's labor costs per $100 of payroll are $11.60 higher than its competitor’s costs due to a much higher than average experience modification factor and the required ARAP surcharge.

  • After the payroll weights are determined for each state pursuant to paragraph (a), an experience modification factor component will be determined by multiplying the experience modification factor earned by the employer in each state by the determined payroll weight for that state using the following formula: Experience modification factor component 1,2...

Related to Experience modification factor

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  • Value engineering change proposal (VECP means a proposal that--

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