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1、FundamentalsofIndividualRiskRating,PartIIIIPARTIIRetrospectiveRatingPrefaceontheWorkersCo-onmewfnthesimplestcase,~eS~Prrmiumforaa~~isthemanualptaniumadjustedbyitsexperienceratingmodification.Thisisthebestprospeaiveeshateofthecorrectindividualriskpremium
2、,butwithexpensesatafiatproportionofpremium,appropriatefixasmallrisk.Asriskpremiumsizesincrease,thereisgradationofexpenses,sothatexpensebecomesalowerproportionofthelargerriskpremiums.Thiiisreflectedinmanualridesbyaseriesofpremiumdiscountrateswhichincreas
3、ewithincreasinglayersofpremium.Iftheriskisnotretrorated,itwillpaytheStandardPremiumlessthediscount,whichiscalledGuaranteedCostPremium.Ifretroratingisselected,thediscountwillberealizedasareductiontoexpensesintiebasicpremium.Whattheriskfin&ypays,ineitherc
4、ase,iscalledthenetpremium.ThemamdruleseffectiveJanuaryI,1986givethefollowingdiicountsforStockCarriers:Fiits5,ooo0.0%Next95,00010.9Next4oo.ooo12.6Over500.00014.4-Premiumsizerangeswhichleadtodiscountscalibratedintenthsofapercentaretabulatedinthemanual.For
5、exampie,thediscountonastandardpremiumofsize$125,000wouldbe(SS,OOOx0.0)+($95,000x0.109)+(S25,OOOx0.126)=S13,505,whichis10.8%oftheSI25.000.TheGuaranteedCostPremiumwouldthenbe$111,495.171)TheFormuiaforRetrospective&emit&Thebasicfonnuiaforrarospeaiverati.ng
6、canbestatedinwords:Subjecttominimumandmaximumprz?miumconstaims,RampctivePremium=(BasicPremium+CortvertedLosscs)x(TaxMultiplier)iBuis=Rulium+Lmnax1xT8xhatipkr,ExF8aorIThismaybeexpressedmarhematicaIlyaspYxGG-1.........*.......*f.....(1)whereRTheretrospect
7、ivepremium,bThebasicpremium:Basicpremiumfactortimesstat&&premium(inmostofthefollowing,itwillbeconvenienttothinkofstandardpremiumasunity.Thenthebasicpremiumandthebasicpremiumfactorarethesame.),CThelossconversionfactorforexpenseswhichvarywithloss,LActuall
8、ossesincurredsubjecttoanyapplicablehmitation,andTTheTaxMultiplier.HTheminimumretrospectivepremiumGThemaximumretrospectivepremiumAGeneralConventionAsmentionedwithrespecttob,agreatmanyofthesymbois(G,H,L,RandL,,E.I?.F,e,S.etc.mentio
