How Do You Define Experience Modification?
Definition of Experience Modification: The actual process by which the factor formed from the event value applies to the policyholder's premium.
Literal Meanings of Experience Modification
Meanings of Experience:
Learn or distress (an event or events)
Practical communication and observation of facts or events.
Sentences of Experience
The company is in trouble
He learned his lesson from painful experiences
Synonyms of Experience
come into contact with, run into, face, encounter, be faced with, come across, have experience of, come up against, confront, undergo, be forced to contend with, meet, involvement in, participation in
Meanings of Modification:
The process changes something.
Sentences of Modification
There should be little or no change in the supplied parts.
Synonyms of Modification
moderation, tempering, diminishing, qualification, lessening, abatement, mitigation, softening, decrease, reduction, lowering, restriction