Experience Rating Modification (EMod) adjusts an employer’s premium for workers’ compensation coverage based on an insurer’s previous losses. Insurance companies use the Experience Modification Rate (EMR) to gauge both past costs of injuries and future chances of risk. The lower a business’s EMR, the lower the workers’ compensation insurance premiums tend to be.
Since dates are key to EMod rating, Britecore provides options to expand Date Validation parameters for the EMod effective date, which has to be introduced over time.
You can use the Date Validation parameter with new policies and endorsements. When a Line Item is set up as an Endorsement, the options check to ensure the Effective Date is located within the policy term.
The Date Validation parameter:
- Exists for any line item that contains the date field.
- Controls legacy pages and the policy wizard.
- Makes the Date field:
- Required if the item has a date value.
- Optional as default if the field is left blank and the boxes aren’t selected.
Date validation options:
- The date is required: Requires a date.
- The date must be prior to or equal to the policy effective date: Checks if the date is prior to the policy effective date.
- On new policies, it checks the inception date.
- On renewals, it checks the policy term effective date.
- The date can’t be more than one year prior to the policy effective date: Checks if a date is more than one year prior to the policy’s effective date.
Note: When you change a policy’s effective date, the backend code updates, assuming the policy exists and already has an ID. If you change an effective date for a policy that doesn’t exist, the application could crash when the backend code is called to save the date.
Enable the Date validation options
To enable the Date validation options:
- In the BriteCore menu, select Lines.
- On the Effective Dates screen, select the applicable effective date.
- On the Policy Types screen, complete the following steps:
- In the Select State or Province dropdown, select a state or province.
- Navigate to the applicable Policy Type, and then select Edit .
- On the Details screen, navigate to the applicable Line Item, and then select Edit .
- On the Edit Line Item screen, select Rating.
- In the Rate Chain section, select Add to Chain .
- In the new Rate Object dropdown, select Rate Per.
- In the Chain Details section, select Rate Per.
- In the Input section, in the Validation parameters dropdown, select Date (Date (MM/DD/YYYY). The Date Validation parameters appear.
- Select the options you want to enable.
Check if the Date field is required
To check if the Date field is required:
- Log in as an Administrator.
- In the BriteCore menu, select Policies.
- On the Policies List screen, in the Narrow By section, in the Policy Types dropdown, select a Policy Type with a Line Item that has a Date field.
- In the results list, select an Unsubmitted policy.
- On the Policy screen, to the right of Revision, select Edit Revision Date.
- In the Policy Effective Date dialog box, leave the boxes blank and select Done.
Note: If the Date validation option The date is required is enabled, the Date is required and an empty value won’t be acceptable.