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LSDefine

Simple English definitions for legal terms

experience rating

Read a random definition: Uniform Principal and Interest Act

A quick definition of experience rating:

Experience rating: A way to figure out how much someone should pay for insurance by looking at how many times they've had to make a claim in the past and how much money was paid out for those claims. This helps insurance companies decide how likely it is that something bad will happen and how much it might cost them if it does.

A more thorough explanation:

Definition: Experience rating is a method used by insurance companies to determine the amount of premium an insured person or business should pay based on their past loss record. This method helps assess the risk of covered events occurring and the probable damages if they do.

Example: Let's say a small business has been insured for three years. During the first year, they had no claims, but in the second year, they had two claims totaling $10,000. In the third year, they had one claim for $5,000. The insurance company will use experience rating to analyze the business's loss record over the three years to determine the amount of premium they should pay for the fourth year. Based on the business's past loss record, the insurance company may increase the premium to cover the risk of future claims.

Explanation: The example illustrates how experience rating works in practice. The insurance company uses the business's past loss record to assess the risk of future claims and determine the amount of premium they should pay. In this case, the business had two claims in the second year, which increased their risk of future claims. As a result, the insurance company may increase the premium to cover the increased risk.

expensis militum non levandis | experimental-use exception

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14:28
no
WorthlessAttractiveZombie
14:28
fuck alright
14:28
not this week
14:28
dont even get ur hopes up u fool im from the year 2076
TheMidwestMonger
14:28
I'm terrified with how the world will react to Trump losing
WorthlessAttractiveZombie
14:28
damn, next question: should i eat the cheese that's been in my fridge for 3 weeks?
14:28
im pretty sure the world is gonna rejoice??
14:29
yes it is the key to immortality
TheMidwestMonger
14:29
Sorry, I meant the far right and their reaction lol
I live in alabama if she wins it's gonna be crazy here
14:30
same as last time whine that it was rigged go to court lose every time
good thing im bouncing next year
oh yeah
JumpySubsequentDolphin
14:31
why won’t ASU send my scholly info ☹️
WorthlessAttractiveZombie
14:31
they sent mine about 3 hours after i got the initial acceptance video thing
I just wanna hear back from them
14:31
the adcomm office got there at 10 am took a two hour lunch at 12 and left at 3:30 -- trust me im from the year 2076
lol
WorthlessAttractiveZombie
14:32
lavender, they should usually get back within a month of going complete
okie doke, thank u!
JumpySubsequentDolphin
14:35
@WorthlessAttractiveZombie: good to know! I thought I missed SMTH bc someone told me they got their admissions packet before the video lol
BulbasaurNoLikeCardio
14:35
I got school that have me under review for over a month... just hope it puts me in their first wave of As
TackyProudYogurt
14:39
Anyone know if asu releases decisions all at once or if they trickle out throughout the day?
WorthlessAttractiveZombie
14:39
I'm pretty sure it's a trickle because they send you a personalized video too
TackyProudYogurt
14:40
Ah okay so I do need to continue refreshing my email every 10 seconds
WorthlessAttractiveZombie
14:40
I would say potentially. I received my email/video around noon eastern time, and I've seen people get it past 5pm eastern
coolgirl
14:40
Does anyone know if pending decision means I’ll get a response soon? My status changed
WorthlessAttractiveZombie
14:41
oooh which school?
TheMidwestMonger
14:42
^^
BulbasaurNoLikeCardio
14:42
@coolgirl: does it say that on the lawhub portal? My one A this cycle it said pending decision on their applicant portal and that they will email me in 24hrs the results.
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