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单词 experience modification factor
释义

experience modification factor

Definition
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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更新时间:2025/4/17 1:33:48