Excess Loss Premium Factor

This expression is used in connection with retrospective rating plans. It is a factor which compensates the insurer for the fact that the insured has elected to limit the effects of any one large loss under the retrospective rating formula. For example, the insured might elect a loss limitation of $50,000, which would mean that would be the maximum amount of any one loss that would go into the retrospective calculation

See Also: Employers Liability Coverage; Federal Employees Compensation Act; Federal Employers Liability Act (FELA); Fellow Servant Rule; Guaranteed Cost;

Get our Quick Quotes: Auto Quick Quote Home Quick Quote Life Quick Quote Health Quick Quote and Apply Online Travel Quick Quote and Purchase Online Insurance in California