Rating Bureau Launches Online Short-Rate Calculator

The New Jersey Compensation Rating and Inspection Bureau launched an online calculator to estimate the short-rate penalty premium to be assessed when a policyholder cancels coverage before the expiration date. The calculator requires the user to input the policy's effective and cancellation dates, experience modification for the coverage period, classification codes and audited payroll information. The algorithm will autofill the policy expiration date, number of days for which the policy is written and in effect, the short-rate percentage and manual rate. The short-rate calculator is h...