ABC Manufacturing has a group insurance accident and sickness plan that is coming up for...
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ABC Manufacturing has a group insurance accident and sickness plan that is coming up for renewal. The insurance company has prepared a renewal proposal that requires higher premiums for the renewal based on the losses that it suffered in the last term, based on the fact that ABC Manufacturing had higher claims than anticipated in the previous policy. Given this information what type of funding formula is the insurance company using? Select one: Refund accounting Non-refund accounting Administrative services only Contributory accounting
ABC Manufacturing has a group insurance accident and sickness plan that is coming up for renewal. The insurance company has prepared a renewal proposal that requires higher premiums for the renewal based on the losses that it suffered in the last term, based on the fact that ABC Manufacturing had higher claims than anticipated in the previous policy. Given this information what type of funding formula is the insurance company using?
Select one:
Refund accounting
Non-refund accounting
Administrative services only
Contributory accounting
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