Experience Modifier Meanings:
Factors are formed by measuring the difference between the insurer's actual past experience and the group's expected or actual experience. This factor can be a fee or a credit and therefore increases or decreases the standard premium in response to past losses. When applied to manual premiums, the change in experience results in premiums that are more representative of the insurer's actual claims experience. The average educated employer has a 1.0 converter and will pay a manual premium. Employers with less experience in claims will have more than 1.00 modifiers and will pay more than the manual premium. People with good experience will have a revision of less than 1.00 and will pay less than the manual prize.
Expenditure or credit factor as a result of measuring the difference between actual insurance experience and expected or actual business class experience.
Literal Meanings of Experience Modifier
Meanings of Experience:
Practical communication and observation of facts or events.
Encounter or inconvenience (event or incident)
Sentences of Experience
He learned his lesson from painful experiences
The company is in trouble
Synonyms of Experience
involvement in, participation in, undergo, encounter, meet, have experience of, come into contact with, run into, come across, come up against, face, be faced with, confront, be forced to contend with
Meanings of Modifier:
A person or thing that makes partial or small changes to something.
Sentences of Modifier
Mood changers like William and Lithium