Paid Loss Retrospective Rating Plan...: This is a conventional retrospective rating plan with an amended premium payment provision. Advance premium is unchanged but the insurer agrees to accept a substantially lesser amount in cash and a promissory note secured by an irrevocable letter of credit or bond for the balance. When claims are paid the employer insured makes additional payments to the insurer until all claims are paid. The letter of credit or bond may be adjusted according to the value of any open claim reserves.

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