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
Account in which the same interest rate is credited on all premiums regardless of the time period and amount contributed. ...
Means of paying the cost of benefits of pension plan participants including retirement, death, and disability. ...
Employee benefit plans under which both the employee and the employer pay part of the premium. Contribution ratios vary. For example, an employer contributes two dollars for every dollar ...
Massachusetts commissioner of insurance responsible for the passage of legislation (1861) that guaranteed policy owners of that state equity in the cash value of their life insurance. The ...
Non qualified plan of deferred compensation whose goal is to compensate key employees without having to provide similar benefits to rank and file employees. The trust is irrevocable, and ...
Life insurance payment that is constant from year to year. The premium may be paid throughout the life of an insured or may be limited to a maximum number, such as 30 annual premiums. The ...
Reduction in the amount that the insured receives from the insurer, after having incurred a property loss, because the insurer failed to carry the amount of coverage required by the ...
Exemption in ocean marine policy for losses caused by strikes, riots, and civil commotion. ...
Policies that have been sold to and paid for by an insured, but not yet delivered to the insured. ...
Have a question or comment?
We're here to help.