White Paper

3 Pages
  • 3 Pages

Does Paying Small Medical Only Claims Reduce the Experience Modification Factor?

 

Most states would answer ... not anymore.

The governing body of the workers’ compensation insurance industry, the National Council on Compensation Insurance (NCCI), determines rules, rates, and Mods for most states. The ratemaking aspect is the target of this white paper. The NCCI requires correct data to create actuarially sound rates, called Loss Cost Rates. This is the absolute cost of injuries for each class code or type of business and the basis of rates to which carriers add to their operating expenses and load for profit. This white paper reviews the importance of ensuring that the data is credible.

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Does Paying Small Medical Only Claims Reduce the Experience Modification Factor?

Agenda

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Does Paying Small Medical Only Claims Reduce the Experience Modification Factor?

Faculty

Chris Conti

Chris Conti

RiskWise Safety Consulting LLC

  • Owner/President RiskWise
  • Practice includes safety, insurance and claims
  • RiskWise has many articles available to inform readers on OSHA safety, risk management topics and labor
  • Member, American Society of Safety Engineers (ASSE); Society of Chartered Property Casualty Underwriters (CPCU); Committee Member of the Loss Control Section Society of CPCU
  • Board Certified Safety Professional (CSP); associate in Loss Control Management (ALCM); Chartered Property and Casualty Underwriter (CPCU); associate in Risk Management (ARM); Certified Insurance Counselor
  • B.S.B.A. degree; graduate of the University of Louisiana at Lafayette (formerly USL)
  • Can be contacted at 225-413-7542 or [email protected]
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Does Paying Small Medical Only Claims Reduce the Experience Modification Factor?

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