Occupational Safety And Health Act (osha)
Definition of "Occupational safety and health act (osha)"
1970 legislation that set federal standards for workplace safety and imposed fines for failure to meet them. A controversial law, it took much of the power from the states for regulating workplace safety. It authorized the U.S. Department of Labor to have federal compliance officers make surprise inspections of business firms. It set up the national commission of state workers compensation laws to recommend upgrade of worker protection, including higher disability benefits, compulsory coverage, and unlimited medical care and rehabilitation. Most states adopted the recommendations, which incidentally led to increases in workers compensation insurance premiums.
Popular Insurance Terms
Same as term Floater: coverage for property which moves from location to location either on a scheduled or unscheduled basis. If the floater covers scheduled property, coverage is listed ...
Feature of pension plans whereby an employee whose service has been interrupted can have that period credited toward retirement. ...
Company formed to insure the risks of its parent corporation. Reasons for forming a captive insurance company include: Instances when insurance cannot be purchased from commercial insurance ...
Waiver of an impairment of an applicant for health insurance by attaching an endorsement to the health insurance policy stating that the policy will pay no benefits in connection with the ...
Type of guaranteed insurance contract in which the term is fixed, the rate is fixed, and the contract owner does not participate in the insurance company's earnings. ...
Joint profit sharing and money purchase plan that is appropriate for businesses that desire the funding flexibility of the profit sharing plan and the higher tax-deductible (25% vs. 15%) ...
Decision by a court of law. ...
actual fire losses divided by the total value of the property exposed to the peril of fire; actual losses resulting from fire divided by the total fire amount of in-force business. ...
Period of time of insurance coverage. If a loss occurs during this time, insurance benefits are paid. If a loss occurs after this time period has expired, no insurance benefits are paid. ...
Have a question or comment?
We're here to help.