System and method for determining a cost of insurance based upon monitoring, collecting and communicating data representative of a risk's payroll characteristics

摘要

A system/method of determining a cost of workers compensation insurance for a selected period based upon monitoring, collecting and communicating data representative of a risk's payroll characteristics during said selected period, wherein the cost is adjustable by relating the payroll characteristics to predetermined actuarial rates. The system/method: determines an initial profile and a base cost of workers compensation insurance, monitors data elements representative of payroll and business status of a risk during the selected period; identifies and analyzes data elements that have a pre-identified relationship to the risk's insurability; consolidates the analyzed data elements for identifying a surcharge or discount to be applied to the base cost; and produces a final cost of workers compensation insurance for the selected period from the base cost.