No. The reason for this is because the CR loadings are fluid and may change annually. There are maximums of 10, 15 and 25% for each pool in the Community, but it is possible for those loadings to decrease, so we do not publish tables.
Yes. Movement between pools is determined by individual claim ratios. Every person will start in pool B. At renewal, the individual’s 2-year claim history will be examined to determine which pool they will enter.
Within each pool, loadings will be calculated on an annual basis by reviewing the claim ratio of the pool. A low claim ratio for the pool could result in a community loading below the stated maximum for that pool for the coming year.
The purpose of CR Premiums is to provide a way for insured persons to manage premiums costs. As a broker, try to identify clients who may be at risk of very high premiums in the future. Many factors could cause costs to increase, but in general, it is overuse of the policy, or the onset of a chronic illness which may lead to experience loadings. If you have clients who find themselves in this type of scenario, then perhaps CR premiums are right for them. Remember, these premiums are not necessarily about saving money on premium costs, but more about allowing clients to know what costs to expect down the road.
We understand insurance can be confusing and that it is one of the most important decisions you will make to protect yourself, your family and your employees. Pacific Cross Insurance has an experienced team of customer service representatives who are waiting to answer any questions or comments you may have.