Difference between revisions of "Experience rating"
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| − | [[Experience rating]] ([[merit rating]]) is a rate assigned by an insurance company to determine the cost of insurance coverage. This rate is based on the physical difficulty of jobs within various industries and the history/cost of prior employee accident claims submitted. | + | [[Experience rating]] (alternatively known as [[merit rating]]) is a rate assigned by an insurance company to determine the cost of insurance coverage. This rate is based on the physical difficulty of jobs within various industries and the history/cost of prior employee accident claims submitted. |
Revision as of 05:14, 20 December 2018
Experience rating (alternatively known as merit rating) is a rate assigned by an insurance company to determine the cost of insurance coverage. This rate is based on the physical difficulty of jobs within various industries and the history/cost of prior employee accident claims submitted.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Experience rating (merit rating). A rate assigned by an insurance company to determine the cost of insurance coverage. This rate is based on the physical difficulty of jobs within various industries and the history/cost of prior employee accident claims submitted.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
