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
Liability coverage mandated by the employee retirement income security act OF 1974 (erisa) under which employers are required to purchase insurance to cover their contingent liability for ...
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Anticipated insurance-related costs, not including claims-related costs. ...
Same as term Defined Benefit Plan: retirement plan under which benefits are fixed in advance by formula, and contributions vary. The defined benefit plan can be expressed in either of two ...
Specified requirements of minimum age and years of service to be met by an employee before the individual's benefits are vested. For example, under the ten year vesting rule, "n employee ...
Primary responsibility for overseeing the insurance industry that has rested with individual states since 1945, after Congress passed the MCCARRAN-FERGUSON ACT (PUBLIC LAW 15). In addition ...
Cost incurred in adjusting a claim. Claim-adjustment expenses include such items as attorneys' fees and investigation expenses (e.g., witness interviews). The claim settlement dollar amount ...
Policy that pays benefits only when coverage under other applicable insurance policies has become exhausted. For example, the personal umbrella liability policy pays after the liability ...
Coverage for property damage caused by untimely discharge from an automatic sprinkler system. This coverage, available through an endorsement to the Standard Fire Policy, typically excludes ...

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