Definitions for "Experience modification"
The adjustment of premiums as a result of the application of experience rating; usually expressed as a percentage. (See also: experience rating.)
The increase or decrease in premiums resulting from the application of an experience rating plan, usually expressed as a percentage.
An adjustment to the premium in a Workers Compensation Insurance policy that increases or reduces the premium to reflect the policyholder's individual claims experience in relation to the overall experience of similar policyholders as a group.