Worker's Compensation LOB - Classification and Rating Information
You can enter classification/rating information in the Classification/Rating Information section of the Worker's Compensation Line of Business data entry form.
To add or edit classification/rating information:Click New (or Edit) and enter the following information. When finished, click Add (or Update). The updated information appears in the associated grid. To add multiple entries, repeat this procedure.
State | Select a state from the list. Only states entered in Part 1 Workers Compensation States appear in this list. |
Location # | Location number corresponding to the locations entered previously. |
Class Code | Code that best describes the applicant's business. It is the business of the employer, not the individual employee, that is being classified. Use a rating manual to determine the code. Rating bureaus may exercise control over classification assignment. |
Categories, Duties, Classifications | A single class code can include several related descriptions of activities/operations. It is extremely important to enter the specific classification description or, at least a brief statement regarding the duties of the employees. Type as much information as necessary to avoid mis-classifying the operations. |
Rating Basis | Select the method used to determine the rate. Choose from the list. |
Exposure (Remuneration) | Type the amount at risk. |
Rate | Type the rate at which the coverage is calculated. |
Premium | Type the cost of this coverage. If you select a Rating Basis, Exposure and Rate in this section, AMS360 calculates the premium for you. |
Number of Employees | Total: Type the number of employees to whom the classification applies. The average number is sufficient when the total fluctuates during the year. Underwriters use this information to determine if the payroll estimates appear adequate. |
# of Full Time: Type the number of full time employees in this classification. | |
# of Part-Time: Type the number of part time employees in this classification. |
Additional Rates/Premium InformationClick New (or Edit) and enter the following information. When finished, click Add (or Update). The updated information appears in the associated grid. To add multiple entries, repeat this procedure.
Coverage | Select the coverage from the list. |
Sort Order | Type the order that this coverage should appear in the grid and on forms. |
Limit 1, Limit 2, Limit 3 | Type the single or split limits that apply. |
Exposure | Type the amount at risk. |
Rate | Type the rate at which the coverage is calculated. |
Premium | Type the cost of this coverage. |
Deductible Information |
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Miscellaneous Information | Type any additional information that applies to this coverage. |
| Rate Description | Type any extra information that is pertinent to the Rate/Premium. |
FactorsClick New (or Edit) and enter the following information. When finished, click Add (or Update). The updated information appears in the associated grid. To add multiple entries, repeat this procedure.
Description | Describe the factor you are entering. |
Factor | Type the factor. AMS360 calculates the amount for you. |
What's Next?
Do you want to enter additional information in the Worker's Compensation Line of Business data entry form? See Worker's Compensation for more information.