Payroll Audit – More Used Term Premium Audit A payroll audit for Workers comp is actually not a fully accurate term. The term also known as a premium audit. Actually, either term is correct. A payroll audit may also be called a policy audit. This blog has provided many
General Inclusions – Term Of The Day In Workers Compensation, there are employers that may operate what seems to be two separate businesses. There are certain activities that are specifically included in all classifications and may not be separately classified. These activities must be assigned to the classification that describes
Workers Comp Mediations – Worth The Time and Expense? I recently attended what I totaled to be my 60th+ Workers Comp mediations. The mediation lasted over 10 hours. I thought to myself on the way back to the office – Are Workers Comp mediations really worth the time and effort
Term Of The Day – General Exclusions General Exclusions cover unique exposures. In Workers Compensation, most employees are assigned one classification code. Certain operations present a unique exposure to hazard that is not common or prevalent in most industries. Employees who are engaged in these activities must be assigned
Certificate Holder-Workers Comp Term The Certificate Holder is the entity that actually purchased the policy from the insurer. They are shown on the certificate of insurance as the named insured. The Holder is responsible to produce the proof of insurance. ©J&L Risk Management Inc Copyright Notice
WCIRB Free Rating Sheets Free Experience Rating Sheets are now offered by WCIRB to employers. As NCCI has done for years, California’s WCIRB (Workers Compensation Insurance Rating Bureau) has allowed employers access to their rating bureau file once per year for free. I was going to re-write their press release,
Transfer Of Right Of Recovery = Waiver A transfer of right of recovery for Workers Comp usually involves a very specific type of waiver. The act of giving up the right by an insurer of collecting from another entity for payment on behalf of the insured. In current standard policies,
Term Of The Day – Funded Self-Insurance Funded self-insurance is also referred to as accountant’s self insurance. An account or accounts are set up in a company’s budget to pay the Workers Compensation claims. These accounts are “funded” at the beginning of the budget year. Risk management techniques such as
Carpal Tunnel NCCI When I was looking over the recent report by NCCI, I noticed an incredible figure on the reduction of a certain type of injury. Their September 2010 report, “Workers Compensation Claim Frequency Continues to Decline in 2009” is a treasure trove of great statistics. The one that
South Carolina Independent Contractors The following is a great assessment of how a specific Workers Compensation Commission views independent contractors. Even if your company has no Workers Comp concerns in SC, the control issue is spelled out here very well. The issue of employee vs. subcontractor is very important at the
Term Of The Day – Quantitative Claim Auditing A quantitative claim auditing term of the day. The quantitative claim differs from Qualitative auditing. This is one of the parts of a premium audit that can reveal surprising inaccuracies. Comparing the loss runs to what the NCCI or State Rating Bureau has
Partial Retention Can Reduce Premiums and Budgets The Partial Retention of a risk can be thought of as either using a deductible or an umbrella to cover catastrophic events that would ruin certain insurance programs. Your car insurance deductible can be thought of as a partial retention. If you
Term Of The Day – Deposit Premium The Deposit premium is unique from regular insurance premiums, because they are refundable should either the insured or the insurer chose to terminate the perpetual insurance. Premium required by an insurance company for plans subject to premium adjustment. The initial provisional premium is
Physical Therapy From A Very Personal Viewpoint Is Physical Therapy really worth the cost and time? I recently was asked this question by a Workers Compensation adjuster trainee. My response came from more personal than professional experience. In 1996, I was walking across a carpeted floor without shoes carrying two
Term Of the Day – “A” Rates When analyzing the premiums that very large deductible insureds pay their carriers, we often come across what is called an “A” rate. The underwriter will set the rates on an “ala carte” basis only analyzing the company on its own merits and not
An Actuary Manages Financial Risk An actuary manages financial risk using different methods. An actuary is a business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. Actuaries may work
Term Of the Day – Waiver Of Subrogation The WC term of the day waiver of subrogation clause is very popular in insurance policies and rental agreements. This type of waiver is when one party gives up the right to pursue another third party for paid damages if the third
Reinsurance Trade Group Seen By Some As Cartel Is this reinsurance trade group a cartel? The Global Reinsurance Forum reached it’s first anniversary in September of this year. Launched by 10 major reinsurers, the forum’s aim is to be a lobby group that’s goal is to shape international regulatory and
WCIRB And NCCI Becoming More Alike WCIRB and NCCI are becoming more alike. Yesterday, I posted how the WCIRB had adopted rules similar to NCCI’s new changes. It was late at night and I did make a mistake. What I meant to say was that the WCIRB was adopting rules
Term Of The Day – Standard Exceptions The Standard Exceptions in a Workers Comp policy reduce premium payouts for the safer workers at a give employer. Employees that are not classified under the governing classification code. Almost all business have standard exception employees. Clerical (Class Code 8810) and Drivers (Class
WCIRB Becoming California’s NCCI The WCIRB Is slowly becoming California’s NCCI. While attending a recent California Workers’ Compensation Insurance Rating Bureau (WCIRB – the rating bureau for California) conference, I started to notice that the WCIRB was adopting rules that were similar to Boca Raton’s NCCI. I thought I was
Term Of The Day – Scooping Ice Cream Scooping ice cream can be hazardous? Recently, an employee of an ice cream store had her claim denial reversed and received Workers Comp Benefits for her shoulder injury caused by scooping ice cream in a very busy store. Apparently, it is not
Accident Year Experience The accident year experience differs from other types of experience measurement comparisons. The statistical matching of all losses occurring (regardless of when the losses are reported) during a given 12-month period of time, with all premium earned (regardless of when the premium was written) during the same
Endorsements Can Change Policy Many Times Policy endorsements change the policy as many times as the carrier wishes. Workers compensation policies may need some type of change or addition during the course of the policy year. These endorsed changes for Workers Comp policies may possibly occur due to changes in
Term Of The Day – Due Diligence The Due Diligence is one of those overused terms in insurance, especially Risk Management. The term was started with the post stock market crash and resulting depression. Congress passed the Securities Act of 1933. The term was born out of that Act. Due
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