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