Federal Employers Liability Act (fela)
Definition of "Federal employers liability act (fela)"
Federal law comparable to state workers compensation statutes setting out liability of railroads for work-related injuries or death of their employees. Railroad employees are not covered by workers compensation laws. Under normal tort law, the injured party must prove he or she did nothing to contribute to the negligence or the risk. But under the terms of the federal act, railroad employees must only show that negligence on the part of the employer contributed to the injury. Therefore, this law gives railroads responsibility for on-the-job injuries to employees. But the railroads are not protected by the theory that workers compensation should be the only responsibility of employers for their employees, or by the prescribed schedule of benefits.
Popular Insurance Terms
Contribution whose purpose is to increase funding of underfunded pension plans. It is part of the calculation that is made to arrive at the plan's minimum funding requirement. Usually a ...
Organization that develops and publishes educational material and administers national examinations in supervisory management, general insurance, claims, management, risk management, ...
Trust in which rights to make any changes therein are surrendered permanently by the grantor. The grantor uses this type of trust to transfer assets and any potential depreciation out of ...
coverage issued to a creditor on the life of a debtor so that if the debtor becomes disabled, the insurance policy pays the balance of the debt to the creditor. ...
Coverage against loss as the result of a burglary. Found as part of the commercial package policy that has generally replaced the special multiperil insurance (smp) policy and the ...
1968 federal legislation that makes it mandatory for lenders to disclose to credit applicants the annual interest percentage rate (APR) and any finance charge. ...
basic feature of the social security act under which benefits paid are associated with the employee's earnings that have been taxed during the employment period. ...
Charitable planning strategy in which a donor sells an asset to the charity for an amount less than its fair market value. Internal Revenue Service regulations require that the tax basis ...
Payment by an insurance company to a damaged or destroyed business to hasten its return to normal business operations. For example, if a kitchen of a restaurant is damaged by fire, the ...
Have a question or comment?
We're here to help.