Or. Admin. Code § 836-042-0205 - Definitions
As used in OAR 836-042-0201 to 836-042-0225 unless the context requires otherwise:
(1) "Anniversary
Rating Date" means the month and day that a rating plan is initially applied to
a policy and each annual anniversary thereafter, unless a different date is
established by the rating organization to which the insurer belongs.
(2) "Combined Experience" means the sum of
workers' compensation insurance premium, claims, and payroll or other exposure
measures used by an insurer to rate individual members of a group of employers.
Data from all members of the group are included in the sum without further
modification or adjustment.
(3)
"Experience Rating" means any prospective modification of workers' compensation
insurance premium based on previous workers' compensation experience data for
an individual employer or a group of employers.
(4) "Group Anniversary Rating Date" means the
month and day the combined experience of a group of employers is initially used
to rate individual members of the group and each annual anniversary thereafter,
unless a different date is established with the approval of the Insurance
Commissioner.
(5) "Insurer" means
any person authorized to write workers' compensation insurance in this state
and includes the State Accident Insurance Fund Corporation.
(6) "Modification Factor" means the numerical
result of an experience rating calculation. Insurance premiums are multiplied
by this number to adjust for past experience of an employer or a group of
employers.
(7) "Premium" means the
contractual amount charged to an insured for insurance for a specific period of
time, regardless of the timing of actual charges.
(8) "Premium Discounting" means the
modification of workers' compensation insurance premium according to a rating
plan used by an insurer based solely upon a gradation of expense provisions
according to the amount of premium.
(9) "Rating Plan" means any set of rules and
values filed with the Insurance Commissioner and used by an insurer to
calculate premiums.
(10)
"Retrospective Rating" means adjustment of workers' compensation insurance
premium for the policies of a group of employers after the policies have
expired using the combined experience from those policies according to the
insurer's rating plan.
(11)
"Workers' Compensation Insurance" means insurance covering the obligations of
an employer arising from workers' illness or injury, whether an obligation is
imposed by ORS Chapter 656, similar laws of the United States, or agreements
between states.
Notes
Stat. Auth.: ORS 731.244 & ORS 737.316
Stats. Implemented: ORS 737.316
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