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Experience modifier. In the insurance industry in the United States, an experience modifier or experience modification is an adjustment of an employer's premium for worker's compensation coverage based on the losses the insurer has experienced from that employer. An experience modifier of 1 would be applied for an employer that had demonstrated ...
The National Council on Compensation Insurance (NCCI) is a U.S. insurance rating and data collection bureau specializing in workers' compensation. Operating with a not-for-profit philosophy and owned by its member insurers, NCCI annually collects data covering more than four million workers compensation claims and two million policies.
Workers' compensation (which formerly was known as workmen's compensation until the name was changed to make it gender neutral) in the United States is a primarily state-based [1] system of workers' compensation. In the United States, some form of workers compensation is typically compulsory for almost all employers in most states (depending ...
Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. The trade-off between assured, limited coverage and lack of ...
A 'compensating differential', in contrast, refers exclusively to differences in pay due to differences in the jobs themselves, for a given worker (or for two identical workers). In the theory of price indices, economists also use the term compensating variation, which is yet another unrelated concept. A 'compensating variation' is the change ...
The union wage premium refers to the degree to which wages for union members exceed those for otherwise similar non-unionized workers. Union wage premiums are one of the most researched and analyzed issues in labor economics. [ 1] The modern scholarly consensus is that unions tend to be associated with higher wages, greater levels of benefits ...
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