Certified Underwriter (CU) Exam

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In the context of workers' compensation underwriting, what does an Experience Modification Rate (Mod) of 1.15 indicate about the applicant?

The applicant's historical losses are 15% better than the industry average. The applicant's historical losses are 15% worse than the industry average. The applicant is a new business with no prior loss experience. The applicant will receive a 15% credit on their standard premium.

Correct Answer:

The applicant's historical losses are 15% worse than the industry average.

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