A workers' compensation premium estimate uses $420,000 payroll at a stated rate of 6.25 percent. What premium is estimated before fees?
Correct Answer
A) $26,250.
$420,000 × 0.0625 = $26,250. This is an estimate using the supplied rate, with no fees or other adjustments; it is not a prescribed insurance rate.
Why This Is the Correct Answer
$420,000 × 0.0625 = $26,250. This is an estimate using the supplied rate, with no fees or other adjustments; it is not a prescribed insurance rate.
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