Workers Compensation Catastrophe Cover
Excess coverage for employers who use self insurance for routine workers compensation risks. Many employers consider workers compensation exposure to be routine and predictable and set up a fund to pay these losses themselves rather than trade premium and claims dollars with an insurance company. To supplement a self-insurance program, an employer may buy insurance for catastrophic loss above a certain limit. A stop loss aggregate contract will pay all losses in one year over a specified dollar limit. A specific excess contract pays losses over a stated limit per accident.
Popular Insurance Terms
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Relinquishment of rights to benefits when an employee withdraws previous contributions to a plan. An employee who had not withdrawn these contributions would have been entitled to full ...
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State law that requires that an insurance policy issued by an insurance company in a particular state be signed by an agent of the company holding a license in that state. ...
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Documents completed by the agent to effect authorization to act on behalf of the company. ...
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