Glossary Entry
P
Payments that the insurer or administrator has made to the claimant or to medical providers.
(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.
Measurement of exposure that is not based on payroll. Examples include per person, per horse race, etc.
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.
The amount paid for an insurance policy.