Washington Retrospective Rating Business and Industry Category Guide is a guide used by employers in Washington State to determine their business and industry classification for workers' compensation retrospective rating plans. The guide is divided into four categories: (1) Manufacturing and Processing; (2) Construction and Building; (3) Trade and Services; and (4) Other. Each category is further broken down into sub-categories. For example, Manufacturing and Processing is divided into sub-categories such as Automotive Manufacturing, Chemical Manufacturing, and Metal Manufacturing. The guide also provides information on the expected risk of injury associated with each business and industry classification. This information can be used by employers to help determine the best retrospective rating plan for their business.
Washington Retrospective Rating Business and Industry Category Guide
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FAQ
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.
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 Retro Plan is a risk sharing program whereas the insurance company issues a policy with both a minimum and maximum premium for the policy along with a rating formula. The actual, or final, premium is determined at the end of the policy period by the using the formula based on the rating factors and the actual losses.
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 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.
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.