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Glossary

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Paid Losses

Payments that the insurer or administrator has made to the claimant or to medical providers.

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Payroll

(See also "Remuneration".) Usually synonymous with compensation, gross wages, or salary. The most common basis for determining workers' compensation insurance premiums. For most classifications, rates are based on $100 of payroll.

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Per Capita

Measurement of exposure that is not based on payroll. Examples include per person, per horse race, etc.

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Policy Year

The calendar year in which a policy begins; a policy year covers any policy with an inception date between January 1 and December 31 of a given year.

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Premium

The amount paid for an insurance policy.

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Pure Premium Rates

See Advisory Pure Premium Rates.