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January 2011

Records Retention

Term Of The Day – Records Retention The length of time that closed Workers Compensation claims file material should be retained by the insurance carrier,

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Earned Surplus

Term Of The Day – Earned Surplus Earned surplus for Workers Compensation insurance carriers, mutuals, captives, self-insureds, risk retention groups and captives, comes from the

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Acquisition Costs

Term Of The Day – Acquisition Costs Workers Comp policy acquisition costs (in most states) are broken down into four areas: Agent Commissions Premium tax

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Stop Loss Reinsurance

Term Of The Day – Stop Loss Reinsurance Protects a cedent against an aggregate amount of claims over a period, in excess of a specified

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What Is An Experience Period?

Experience Modification Factor Calculated The experience period is the time frame from which the Experience Modification Factor (Ex-Mod, or X-Mod, or E-Mod) is calculated. The

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Certified Risk Manager (CRM)

Certified Risk Manager Term Of The Day The CRM program is sponsored by the National Alliance for Insurance Education and research. From their website www.scic.com

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Term Of The Day – Disclaimer A Disclaimer flags an incomplete audit.  An accountant or auditor’s statement which says the required audit was not complete.

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Payroll Limitation

Term Of The Day – Payroll Limitation For Workers Compensation, this limitation applies to executive officers and classifications with notes that indicate payroll limitation. The

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