Experience Rating

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Definition: Experience Rating

Experience Rating

Quick Summary of Experience Rating

A quantitative measure used by an insurance company to determine how much a given policy should cost, calculated using historical data to determine the risk of future claims.

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Examples of Experience Rating in a sentence

The experience rating was very high and that gave me good feelings and I went ahead with it and did it.

You should try to have the best experience rating that you can have so that others will be happy to do business with you.

Because of an accident a couple of years ago on their record, their experience rating was sub-par and they were going to have to pay a premium for insurance.

Related Phrases

experience modification
community rating

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/experience-rating/
Modern Language Association (MLA):
Experience Rating. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
April 19, 2024 https://payrollheaven.com/define/experience-rating/.
Chicago Manual of Style (CMS):
Experience Rating. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/experience-rating/ (accessed: April 19, 2024).
American Psychological Association (APA):
Experience Rating. PayrollHeaven.com. Retrieved April 19, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/experience-rating/

Definition Sources

Definitions for Experience Rating are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 30th October, 2021 | 0 Views.