What is Incurred But Not Reported (IBNR)?
There can be a significant delay in the reporting of claims, particularly for the higher volume benefits such as Dental and EHB. This can range from a few days to several months. This creates an issue, as a group’s renewal rates are based on their claims...
What is Medical Underwriting?
One of the major advantages of Group insurance over individual coverage is that it is underwritten at the group level. Everyone in the same class pays the same rate, regardless of the risk they represent, wether they are young or old, healthy or unwell. However, this...
What are mono-parental and couple rates?
Before we can cover mono-parental and couple rates it is important to understand the family status options available on the majority of benefit plans. For benefits such as EHB and Dental, an option is given to the employees regarding whether or not they will waive the...
What is Administrative Services Only (ASO)?
Administrative Services Only, most commonly referred to as ASO, is a type of insurance where the client takes the responsibility of covering claim costs and uses the insurance company primarily to administer the plan. This means the client is accepting a higher degree...
What is Experience rating?
Last week we covered manual rates and how they are calculated. This week we are going to take a closer look at Experience rating. Experience rated benefits typically have a higher volume of claims, making them easier to predict from year to year. EHB, Dental and Short...Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08ag/b1302/nf.pillowponcho/public_html/wp-includes/formatting.php on line 4387
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