What in Tarnation is the Experience Modification Factor?

LEARNING OBJECTIVE:
To teach insurance professionals the basics of the Workers Compensation Experience Modification Worksheet and Factor.

DESCRIPTION:
The Experience Modification Rating (EMR) is a metric insurance carriers use to gauge the past cost of workers' compensation claims and the future probability of additional claim costs. This brief course goes through in very simplified terms how the EMR is calculated, how to check it for accuracy, and the impact of experience rating on premium.