Independent experience rating plans apply in 10 states: California, Delaware, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Pennsylvania and Texas.
What does ERP stand for?
ERP stands for Experience Rating Plan (insurance)
This definition appears frequently and is found in the following Acronym Finder categories:
- Military and Government
- Business, finance, etc.
See other definitions of ERP
We have 316 other meanings of ERP in our Acronym Attic
- Everyday Rob People
- Exact Reconstruction Principle (linear programming; mathematics)
- Exact Route Position
- Exchange Rate Policies
- Exchange Rate Protection
- Executive Readiness Program (formerly Pre-XD)
- Executive Retirement Plan
- Expedited Removal Process (US FEMA)
- Expeditionary Reach Package
- Expense Reduction Program
- Exposure and Response Prevention (OCD treatment)
- Extended Range Projectile
- Extended Range Pyrometer
- Extended Refit Period
- Extended Refit Program (US DoD)
- Extended Reporting Period (insurance claims)
- Exterior Router Protocol
- External Reference Point (Sprint)
- External Research Program (various locations)
- External Review Panel
Samples in periodicals archive:
In mid-1989, the National Council on Compensation Insurance (NCCI) (1989b) filed the Revised Experience Rating Plan in most states.
To understand this concept, it's necessary to have a working understanding of how the experience rating plan works, because it produces an experience mod that is applied to almost all workers' comp policies.
An effective experience rating plan surcharges "poor" risks and credits "good" risks in proportion to relative exposure to loss.
An experience rating plan attempts to measure the impact of the employer's losses on premiums.