Workers Comp Term Of The Day - Excess Loss Premium Factor (ELP)

WORKERS' COMPENSATION PREMIUM REFUNDS POSSIBLE
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A blog on the intracacies of the Workers Compensation system as it is today. Workers Comp can be a trying experience for all involved, but the employers are the ones paying the premium bill. We audit or review Workers; Compensation policies, files, audits, and reserves for overcharges. (c)2001-2013 Copyright J&L Insurance Consultants, Inc. (c) 2009-2013 Workers Comp Term Of The Day

Feb 16, 2011

Workers Comp Term Of The Day - Excess Loss Premium Factor (ELP)

A factor used to calculate the charge to an insured under a retrospective rating plan. The purpose is to limit individual losses to a specified level. In other words, with an ELP, the insured elects to pay additional premium to limit the effect of any single loss.
Labels: Term Of The Day - Excess Loss Premium Factor

posted by James J Moore at 5:21 AM

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About Me

Name: James J Moore

Location: Raleigh, NC, United States

James has over 25 years of experience in insurance, specializing in Workers' Compensation. He has adjusted, supervised, and managed the administration of Workers’ Compensation claims and underwriting in 36 different states. His work experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Rehabilitation Unit for school personnel in NC. James's educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associates in Claims designation (AIC); and an Associates in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. He has been certified as an insurance instructor by the NC Department of Insurance. James is on the Board of Directors and is the Treasurer of the North Carolina Mid-State Safety Council. He has published a manual on Workers’ Compensation cost savings, three different claims processing manuals, and has written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers.

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