Worker's Compensation Insurance

34 Renewal The continuation of an insurance policy (offer of renewal) into a new term from the same insurance company that issued the existing policy. Schedules for Rating Permanent Disabilities The schedules that are used to determine the percentage of permanent disability of an injured worker. Schedule Rating A method of pricing property and liability insurance. Schedule Rating uses debits and credits to modify a base rate figured by the special characteristics of the risk exposure. Insurers develop Schedule Rating be- cause actuarial experience shows a direct relationship between certain physical characteristics and the possi- bility of loss. Most schedule rating plans must be filed and approved by the CDI. Second Party The insurance company in an insurance contract.