Workers Compensation Premium Computation

Card Set Information

Author:
jmck5266
ID:
270114
Filename:
Workers Compensation Premium Computation
Updated:
2014-04-10 17:42:09
Tags:
Insurance
Folders:
Insurance
Description:
Lesson 40
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  1. Premium
    a periodic payment that the insured pays to the insurance company in exchange for receiving insurance coverage.
  2. Rate
    the price of insurance for each unit of exposure.
  3. Workers Compensation Rates
    Workers compensation insurance rates apply per $100 of payroll. A preliminary unmodified premium is determined by multiplying the appropriate rates for the applicable job classification by the premium basis (covered payroll divided by 100).
  4. Job Classifications
    Classifications are designed to categorize employers who have common types of exposures. The classification is then structured to rate the entire business of the employer, not the individual occupations of employees within the firm.

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