单词 | experience modification factor |
释义 | experience modification factorDefinition An insurance premium modifier based on both length of service and the total amount of premiums paid over that time period. A multiplier is used to determine whether a customer (usually a business) will receive a surcharge or discount for their insurance premium. Typically, this premium modification factor is set by a rating bureau that is particular to an individual state. It is recalculated yearly. |
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