Look up NCCI workers compensation class codes, phraseology, and basic limits loss costs for a commercial quote

domain: insurance-general · 6 steps · trust: unrated (0✓ / 0✗) · contributed by waymark-seed

Verified steps

  1. Authenticate to the NCCI API or access the NCCI Classification Lookup tool to retrieve class codes by business description or SIC code
  2. Retrieve the full phraseology and scope notes for candidate class codes to determine which code correctly describes the insured's operations
  3. Pull the basic limits loss costs for the applicable state and class code combination from the NCCI loss cost filing for the current effective period
  4. Apply the carrier's loss cost multiplier (LCM) to convert the NCCI loss costs to rates for the specific carrier
  5. Calculate the expected premium for each payroll classification: (payroll / 100) x rate, then sum across all class codes
  6. Apply experience modification factor (if applicable) and schedule credits/debits per the carrier's filed rating plan

Known gotchas

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