Need all questions answered in detail 1. Explain the concept of experience ratin

Question

Need all questions answered in detail

1. Explain the concept of experience rating using examples from unemployment insurance. Would the same concept apply to workers’ compensation? Using the Internet, find out if experience rating plays a role in insurance coverage.

2. Some experts argue that consumer-directed health care is, amongst other things, a great communication tool for employee benefits. Defend this position.

3. As HR Director at Cringles Fixtures, your bonus this year is based on your ability to cut employee benefit costs. Your boss has said that it’s OK to shift some of the costs over to employees (right now they pay nothing for their benefits) but that he doesn’t want you to overdo it. In other words, at least one-half of your suggestions should not hurt the employee’s pocket book. What alternatives do you want to explore, and why?

Explanation / Answer

1.Explain the concept of experience rating using examples from unemployment insurance. Would the same concept apply to workers’ compensation? Using the Internet, find out if experience rating plays a role in insurance coverage.

To determine whether a policyholder is resulting in more claims than similar policy holders, an organization will do experience rating, this will help the organization to understand if they need to modify the premium of existing policy.

Would the same concept apply to workers’ compensation

Concept is applicable broadly for insurance however we may modify the same slightly and then trying to reach a happy place

Using the Internet, find out if experience rating plays a role in insurance coverage

Experience rating plays an important role in insurance coverage, premium amount can be changed as per our choice basis trend analysis to ensure that the image

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