Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Investopedia / Jiaqi Zhou An experience rating is the amount of loss that an insured party ...

Your business’s experience modification rating (ex-mod) directly translates to premium dollars, and risk managers and executives could benefit from a basic understanding of how ex-mods are calculated.

SCIF used Sessions’ payroll information and the 121 percent experience modifier provided by the Rating Bureau to calculate the final policy premium: $874,595.44. On June 5, 2006, Knight contacted SCIF ...