# Property & Casualty Exam Prep 53, Workers Compensation Premiums and Classification

Page: https://stenobird.com/podcast/insurance-exam-prep-7644557/property-casualty-exam-prep-53-workers-compensation-premiums-and-classification
Text version: https://stenobird.com/podcast/insurance-exam-prep-7644557/property-casualty-exam-prep-53-workers-compensation-premiums-and-classification.md
Podcast: [Insurance Exam Prep](https://stenobird.com/podcast/insurance-exam-prep-7644557)
Published: 2026-07-25T23:26:01+00:00
Episode link: https://open-exam-prep.com/
Audio file: https://episodes.captivate.fm/episode/527371a4-c0b7-4fa4-bfc9-9aeb56564a16.mp3
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JSON: https://stenobird.com/v1/public/podcasts/insurance-exam-prep-7644557/episodes/property-casualty-exam-prep-53-workers-compensation-premiums-and-classification
Duration seconds: 162

## Resource

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - That workers' comp premium is based on payroll per $100, which is then multiplied by a specific job classification rate. - How the Experience Modification Rate (EMR) acts as a multiplier, rewarding safer companies with lower premiums and penalizing riskier ones. - Why a final premium audit is conducted to reconcile estimated payroll with actual payroll, which can result in additional premiums or a refund. - The exam trap that an employee's entire payroll may be assigned to a high-risk classification, even if they only perform those hazardous duties part-time. - How businesses become liable for covering uninsured subcontractors, requiring the inclusion of the subcontractor's payroll in their own premium calculations. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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## Transcript

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