Workers Compensation Benefits
Definition of "Workers compensation benefits"
Income, medical, rehabilitation, death, and survivor payments to workers injured on the job. State workers compensation laws, which date from early in the twentieth century, provide that employers take responsibility for on-the-job injuries. Each state defines the benefit level for employers in that state. Although these benefits were designed to be the final obligation of employers to their employees, there has been considerable erosion of this concept since the early 1970s; workers have been allowed by the courts to sue employers for various on-the-job injuries in addition to workers compensation benefits. Because workers compensation benefits are a routine and fairly predictable risk, many employers use self insurance. Some states mandate that employers buy workers compensation insurance from a state fund, but some offer a choice of a state fund, self insurance, or commercial insurance.
Popular Insurance Terms
Methods for payment of the value of a policy. An insurance company can select one of three options in settlement of a loss: make a cash payment; take possession of damaged or destroyed ...
Representative of an insurance company who sells ordinary and industrial life insurance policies. In an effort to move their field forces into the ordinary life business, many industrial ...
Coverage in liability insurance for a ship owner in the event of collision with another ship. A running down clause, when added to basic hull marine insurance, protects against liability ...
Provision in most property insurance policies that permits a policyholder to use the insured premises to store materials and handle them in the manner needed to pursue his or her line of ...
Inland marine policy that protects an insured against loss for property that is shipped. One policy may be written for a single shipment, as for a family moving household goods, or it may ...
Maritime acts resulting in a liability circumstance falling under common law and statutory law. ...
Aggregate of face amount of coverage paid up, or on which premiums are still being paid, as issued by a life insurance company. This is one measure used to rank life insurance companies by ...
Total premiums written by a ceding company minus premiums ceded to its reinsurer. ...
Notice added to the employee retirement income security act (erisa) requiring the employer to disclose the following information concerning the pension plan to the employee: statement ...
Have a question or comment?
We're here to help.