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
Study of buying habits of consumers to determine their insurance needs. ...
Section of ocean marine policy making it an obligation of the insured to take specific measures to limit losses to ship or cargo when a mishap occurs. Expenses incurred to limit physical ...
Plan in which participant (employee) utilizes spending accounts to pay for health care costs not subject to reimbursement from a health insurance policy or health care provider. The ...
(land and attachments) and personal (movable effects not attached to land). Both classifications of property give rise to an insurable interest. ...
Outer covering containing an insurance policy; in many instances it lists provisions common to several types of policies. ...
Individual licensed to sell securities to the public. For example, to sell variable annuities and variable life insurance products and mutual funds, an insurance agent is required to pass ...
Plan wherein total withdrawal or income payments from tax deferred savings plans exceed $150,000 in any one year. An excess distribution tax of 15% of the amount greater than $150,000 must ...
Insurance company that restricts its underwriting of risks to one state. ...
Government health care program in several European countries that has been proposed in various forms for the U.S., to be administered by the federal government. Plan A would cover all U.S. ...
Have a question or comment?
We're here to help.