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Controlling Workers Compensation Costs for Employers

Tuesday, December 12th 2017

Last updateSun, 16 Oct 2016 2am

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Glossary

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Glossaries

Term Definition
Pure Premium Advisory Rates

Pure Premium Advisory Rates. These rates are 'advisory' only. They are meant to serve as a guideline for insurance carriers to help them establish their published rates.

No carrier is required to follow the advisory rates – they can publish their own rates independent of the WCIRB's rates.

PY

Policy Year is the same as Accident Year ( AY ). It is the year that the premiums are charged and all costs are incurred. All premiums and costs are accounted for on an accrual basis.

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