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Glossary

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Accident Year

Refers to the year in which the accident or injury took place; it includes all accidents that occurred between January 1 and December 31 of the year, regardless of when the policies that covered them were effective or when the accidents were reported.

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Actuary

A professional who determines rates and rating methods, evaluates reserves, analyzes data trends, and has other statistical responsibilities.

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Advisory Pure Premium Rates

Advisory rates prepared by the WCIRB and submitted to the CDI for approval. The rates reflect expected losses and loss adjustment expenses on a statewide basis for each of the industry classifications and may be used by insurers to establish their own premium rates

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Aggregate Data

Data that is summarized by an insurer, an insurer group, and a time period (i.e., accident year); this data is not segregated by individual policy, individual claim or classification.

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ALAE

Allocated Loss Adjustment Expenses; in general, these are expenses incurred by an insurer in investigating and settling claims that can be assigned to a specific claim, such as legal fees.