Workers' Compensation

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Workers' Compensation

Insurance that pays for an employee's medical care in the event that he/she is injured at work. Workers' comp may also provide for lost wages and compensate for disability or reduced earning potential. In exchange for receiving workers' comp, the employee surrenders the right to sue the employer for negligence. Workers' comp is mandatory in many jurisdictions and employee paychecks are reduced by the amount of the premium.
References in periodicals archive ?
Louisiana's workers' compensation insurance market is competitive and showing signs of improvement, especially in the area of improved worker safety," Donelon says.
Since its inception State Fund has paid more than $5 billion in dividends to policyholders-a record unparalleled among all California workers' compensation insurance carriers.
Workers' compensation insurance and services for small companies involved in low-to-medium hazard industries is offered by Nevada-based Employers Holdings.
Bruce Wood, assistant general counsel of the American Insurance Association, said the association supports the creation of state funds--and any special regulatory treatment they might get--if the state fiends are writing only workers' compensation insurance, if they write only in their original jurisdictions and if they also serve as the market of last resort.
Harsh penalties for failure of businesses to carry workers' compensation insurance.
I want to emphasize that the Workers' Compensation Insurance (Defense Base Act) clause at FAR 52.
In the first quarter of 2002-the most recent statistics available--employers on average paid 21 percent more for workers' comp coverage than they did a year earlier, according to the Workers' Compensation Insurance Rating Bureau of California, a trade group that analyzes data and recommends pure premium rates to the state Department of Insurance.
It is thus extremely important for chief financial officers, corporate controllers, risk managers and other financial officers to understand workers' compensation insurance.
Workers' compensation insurance carriers track policyholders' loss experience to help determine premiums, as accident frequency can directly affect restaurants' insurance premium pricing.
Agency captives provide an opportunity for independent insurance agents to gain a share of underwriting profit and investment income from their controlled book of workers' compensation insurance business.
State law requires businesses to carry workers' compensation insurance, which covers the cost of medical treatments and disability payments for employees injured on the job.

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