Experience Rating Modification
Experience Rating Modification : A percentage figure, also called an "ER Mod" or "Mod," applied to the manual premium to reflect an insured's actual loss experience. The ER Mod can increase or decrease premium, based on the employer's past claims history. Firms with an ER Mod of less than 100 (the average for their type of industry) are rewarded by paying reduced premiums. Firms with ratings above 100 bear a portion of their higher claims costs by paying increased premiums
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