Washington Retrospective Rating Enrollment Decisions are decisions made by the Washington State Department of Labor and Industries regarding the amount of premium each employer must pay for workers' compensation insurance. The decision is based on an employer's actual losses compared to the expected losses for their industry. Washington Retrospective Rating Enrollment Decisions can be made for two different types of employers: those in the Retrospective Rating Program and those in the Standard Premium Program. For employers in the Retrospective Rating Program, the Department of Labor and Industries will determine the amount of premium they must pay based on the employer's actual losses compared to the expected losses for their industry. The employer's premium rate is then adjusted at the end of the policy period based on the actual losses, which creates a "retrospective" approach to insurance premiums. For employers in the Standard Premium Program, the Department of Labor and Industries sets a fixed premium rate for workers' compensation insurance, regardless of the employer's actual losses. Both types of Washington Retrospective Rating Enrollment Decisions are made by the Department of Labor and Industries to ensure employers are paying a fair amount for workers' compensation insurance.
Washington Retrospective Rating Enrollment Decisions
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FAQ
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 Plan Premium Formula 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.
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 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 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.
Within the principle of insurance, retrospective rating establishes the reasonable cost of insurance by using losses incurred during the term of that insurance and adding the insurance carrier's expenses and the taxes on premiums.
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.
The primary disadvantage of retrospective rating is the risk of a large additional premium if an employer's actual losses are significantly greater than expected.