Washington Application for Group Retrospective Rating (WAR) is a program offered by the Washington State Department of Labor and Industries (L&I) that provides a discount or rebate to employers who purchase workers' compensation insurance through the L&I program. WAR allows employers to receive a discount on their workers' compensation premium based on their claims history. The WAR program is available to employers with at least 25 employees or a total annual payroll of $500,000 or more. There are two types of Washington Application for Group Retrospective Rating: Experience Rating and Transitional Rating. Experience Rating is a program that rewards employers for good safety records. Employers must have a three-year history of safe workplace practices, as well as a three-year history of claims and losses. The employer's premium rate is determined by their claims experience over the three-year period. Transitional Rating is a program that helps employers transition to the WAR program. Employers who have not been in business for three years or do not have three years of claim history can use Transitional Rating to get a discounted premium rate. The premium rate is determined by the employer's estimated future claims experience. Overall, the WAR program helps employers reduce costs by rewarding them for having a good safety record and helping them transition to the program.
Washington Application for Group Retrospective Rating
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How to fill out Washington Application For Group Retrospective Rating?
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FAQ
Retrospective rating is a rating plan that adjusts the premium, subject to a certain minimum and maximum, to reflect the current loss experience of the insured.
Most of the time retro plans have a maximum premium limitation, which caps the amount of premium the insured must pay. This is necessary because many insureds would not be interested in a plan that did not place a limit on a possible loss. The maximum premium tends to be about 1.20 times the standard premium.
Retrospective rating combines actual losses with graded expenses to produce a premium that more accurately reflects the current experience of the insured. Adjustments are performed periodically, after the policy has expired.
Retrospective rating plan premium is the sum of basic premium, converted losses, plus the excess loss premium and retrospective development premium elective elements if you chose them. This sum is multiplied by the applicable tax multiplier shown in the Schedule.
Retrospective rating is simply another way of calculating your premium, after the fact or ?retroactively.? A Retro coverage period lasts 12 months and can begin any calendar quarter.
A retrospective premium is a payment made by a policyholder to an insurance company that is not based on a fixed amount but, rather, on the claims made during a policy period. The policyholder, however, still makes an initial payment to the insurance company prior to paying the retrospective premium.
Retrospective Premium Adjustment means the amount necessary to periodically adjust the Deposit Premium, or prior Retrospective Premiums if any, to the newly calculated Retrospective Premium amount.