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Workers' Compensation Class Codes or Comp Codes are used by the application to denote the risk associated with an employment type as well as assign a dollar value to that risk from a pricing perspective. In most states, the classification system used is one devised and maintained by NCCI, the National Council on Compensation Insurance. NCCI is an independent advisory organization largely funded by the insurance companies who utilize their statistical data for rating. NCCI's function is to develop and provide the statistical data used to set manual rates (by state) for workers compensation pricing and to assign each employers' annual experience modification rate, which is based on a ratio of claims frequency and cost of premium paid. A basic classification code denotes a particular type of job duty within a business. Therefore, a class code is the systematic arranging of properties, persons, or business operations into groups or categories according to certain criteria. This arrangement is done to create a basis for establishing statistical experience, determining rates, and to avoid unfair discrimination by insurance companies. A Scopes class code is the identifying number for each occupational classification. It is a three-digit or four-digit numeric code assigned to a specific occupation of workers. The code is based on the nature of the work for the employer and employee. It is common for most employers to have two or more class codes on their policy. For example, class code 8810 is for a clerical exposure and class code 5645 is for a general residential construction exposure. A contractor might have laborers working under class code 5645 and an office person rated under the clerical code 8810. Generally, the higher the risk associated with the code, the more expensive the rate for that code would be. The following topic describes the process of adding master codes and policy comp codes to the ClientSpace application. |
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When adding Comp Codes to the ClientSpace system, the Master Code and the Policy Comp Code are related components. To add comp codes:
The master code form contains two fields:
Master codes can be added in two ways:
When all of your Master Codes are in place, you can begin adding Policy Comp Codes to your existing Workers' Compensation Policies. To add policy comp codes:
The Policy Comp Code dataform describes the policy, code state, and rates for use in the Pricing System in ClientSpace. The Policy Comp Code form contains the following fields:
Policy Comp Codes can either be added manually, by filling out all of the required fields on the dataform and saving or can be imported via the Code Rate Sheet field on the Workers Comp Policy. To import Policy Comp Codes:
The template fields look like this:
Finally, you can manually add codes to a policy via the Admin Workspace. You may need to do this for one-off codes that have required special approval by the carrier, or little-used codes that are not part of the carriers standard rate dump.
These rates will be utilized by the Pricing Console during the pricing process of Client Onboarding.
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