The ABCs of Workers' Compensation Premium Audits
Total Credits: 1 including 1 General
- Average Rating:
- Not yet rated
- Competency/Category:
- Human Resource Development
- Speaker:
- Chris Boggs
- Duration:
- 1 Hour
- License:
- Access for 1 year(s) after purchase.
Description
At the beginning of the workers' compensation policy term the employer may not be absolutely certain about the total payrolls for the coming year requiring them to estimate the payroll amount. The insurance carrier allows this estimation because they know they have the opportunity to audit the payrolls at the end of the policy period to ensure the actual payroll is reported and the proper premium is paid.
While a payroll audit sounds simple enough - the insurance carrier looks at the employer's payroll records - there is some complexity to the audit process that must not be overlooked. Afterall, the employer doesn't want to pay more than is necessary.
This session focuses on the complexity and nuances of the audit process including the concepts of governing classification, the single enterprise rule and the exceptions to these rules. Also detailed are the ABC's of the premium audit.
Basic Course Information
Learning Objectives Understand the "why" of premium auditsLearn the unique aspects of the special payroll considerations
Understand the governing class code and single enterprise rule as well as the exceptions to these rules
Learn and apply the ABCs of the premium audit
Major Subjects
- Why premium audits
- Unique and special payroll considerations
- Governing class code and single enterprise rule and exceptions
- ABCs of the premium audit
Course Materials
| Important CE Recertification Credit Information (0.46 MB) | Available after Purchase | ||
| The ABCs of Workers' Compensation Premium Audits Handout (228.5 KB) | Available after Purchase | ||
| Timed Outline (25.3 KB) | Available after Purchase | ||
Speaker
Chris Boggs Related Seminars and Products
Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS, president of Boggs Risk & Insurance Consulting (BRIC) with a focus on education, training, risk and claims consulting with insurance agents and insurance carriers, began the practice of insurance in 1990.
During his nearly three-and-a-half-decade insurance career, Boggs has authored over 2,000 insurance and risk management-related articles on a wide range of topics. Additionally, Boggs has written 15 insurance and risk management books including:
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"The Insurance Professional's Practical Guide to Workers' Compensation: From History through Audit," (now in its second edition);
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"Business Income Insurance Demystified: The Simplified Guide to Time Element Coverages," (now in its third edition);
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"Property and Casualty Insurance Concepts Simplified: The Ultimate 'How to' Insurance Guide for Agents, Brokers, Underwriters and Adjusters;"
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"Wow! I Never Knew That! 12 of the Most Misunderstood and Misused P&C Coverages, Concepts and Exclusions;"
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"Insurance, Risk & Risk Management! The Insurance Professional's Guide to Risk Management and Insurance;"
Boggs is a regular speaker at industry events, having taught or spoken nearly 1,000 times. This includes sessions for the National Association of Mutual Insurance Companies (NAMIC), the National Society of Insurance Premium Auditors (NSIPA), the American Association of Managing General Agents (AAMGA), the Institute of Work Comp Professionals (IWCP), the Chartered Property Casualty Underwriter (CPCU) Society and numerous independent insurance agent state association meetings. He has also earned numerous professional accolades including the 2017 Institute and Faculty of Actuaries (IFoA) Brian Hey Prize and the 2019 Casualty Actuarial Society (CAS) Charles A. Hachemeister Prize as part of a of professional collaboration with a diverse group of professionals.
His professional background includes work as a risk management consultant, loss control representative, insurance producer, claims manager, journalist and columnist, quality assurance specialist, and insurance coverage product manager.
Boggs earned a Bachelor of Science degree in journalism at Liberty University in Lynchburg, Virginia, and holds nine professional designations.
Additional Info
Basic Course Information
Prerequisites NoneAdvanced Preparation None
Designed For Any professional involved in workers' compensation from the agent/broker to the underwriter to the HR professional responsible for managing the employers' workers' compensation program.
Course Developer Boggs Risk & Insurance Consulting, LLC
Additional Information
Complaint Resolution Policy Please contact Jessica Vieira with any complaints at jessica.vieira@acpen.com, (617-519-6790).Course Registration Requirements Online Registration
Instructional Delivery Method
Group Internet Based
Refund/Cancellation Policy
Please contact the HREN help desk 1-877-602-9877 or help@HREducationNetwork.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.
SHRM Accreditation Information HR Education Network is recognized by SHRM to offer SHRM-CP or SHRM-SCP professional development credits (PDCs). This program is valid for PDCs. See the course registration page for more information on number of credits and credit types. For more information about certification or recertification, please visit shrmcertification.org
HRCI Accreditation Information HR Education Network is a recognized provider of recertification credits. HR Certification Institute® pre-approved this program for credits towards aPHRTM, PHR®, PHRca®, SPHR®, GPHR®, PHRiTM and SPHRiTM recertification. See the course registration page for more information on number of credits and credit types.