Educational Series

Loss Sensitive Rating Plan
approx. duration: 2 hours
Instructor(s): Ron Cooper,CWCP
Duane Schroeder, CPCU
Frequency: semi-annually

I. Purpose of the Plan (8:30 – 8:40)

A. Depopulate the Assigned Risk Plan
B. Promote safety and loss control
C. Provide fairness

II. Characteristics (8:40 – 8:50)

A. $100,000 standard premium
B. Mandatory application
C. 120-day rule

III. Deposit Premiums (8:50 – 9:05)

A. Down payment
B. Letter of credit

III. Multi-state Employers (9:10 – 9:25)

A. States with LSRP
B. Eligibility when thresholds differ

IV. Endorsements (9:25 – 9:40) Break (9:40 – 9:50)

A. Notification Endorsement WC 00 04 17
B. Rating Plan Endorsement WC 00 04 18

V. Retrospective Adjustments (9:50 – 10:30)

A. Factors used in calculation
B. Frequency of adjustments
C. Case Studies

Notes:
The instructors are Ron Cooper, President, and Duane Schroeder, Vice President of the Indiana Compensation Rating Bureau. They have combined industry experience of more than 50 years and frequently make presentations throughout Indiana on workers compensation matters. Participants will be walked through a case example of an LSRP risk from inception through the last adjustment, followed by participant calculations of retro additional/return premiums on two hypothetical risks.