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INS23 - Assignment 10
Workers Compensation & Employee Liability Insurance
26
Other
Professional
03/12/2009

Additional Other Flashcards

 


 

Cards

Term
Workers compensation statute
Definition
A statute that obligates employers, regardless of fault, to pay specified medical, disability, rehabilitation, and death benefits for their employees' job-related injuries and diseases. (p. 12.3)
Term
Occupational disease
Definition
Disease thought to be caused by work or the work environment. (p. 12.4)
Term
Temporary partial disability
Definition
A disability caused by a work-related injury or disease that temporarily limits the extent to which an employee can perform job duties for a period of time. (p. 12.5)
Term
Temporary total disability
Definition
A disability caused by a work-related injury or disease that temporarily renders an injured employee unable to perform any job duties for a period of time. (p. 12.5)
Term
Permanent partial disability
Definition
A disability caused by a work-related injury or disease that impairs the injured employee's earning capacity for life, but the employee is able to work at reduced efficiency. (p. 12.5)
Term
Permanent total disability
Definition
A disability caused by a work-related injury or disease that renders an injured employee unable to ever return to gainful employment. (p. 12.5)
Term
Employee
Definition
A person hired to perform services for another under the direction and control of the other party, called the employer. (p. 12.8)
Term
Independent contractor
Definition
A person (or organization) hired to perform services without being subject to the hirer's direction and control regarding work details. (p. 12.8)
Term
United States Longshore and Harbor Workers' Compensation Act (LHWCA)
Definition
A federal statute that eliminates the right of most maritime workers (other than crew members of vessels) to sue their employers and in return requires such employers to provide injured or ill workers with benefits like those provided by state workers comp (p. 12.11)
Term
Jones Act
Definition
A federal statute that permits injured members of a vessel's crew (or survivors of a deceased crew member) to sue their employer for damages due to the employer's negligence. (p. 12.11)
Term
Competitive state fund
Definition
A state fund that sells workers compensation insurance in competition with private insurance companies. (p. 12.13)
Term
Monopolistic state fund (exclusive state fund)
Definition
A facility, owned and operated by a state government, that provides workers compensation insurance and that does not permit any other insurers to sell workers compensation insurance in that state. (p. 12.13)
Term
Employers mutual insurance company
Definition
A mutual insurer established by a state's legislature to write workers compensation insurance for any qualified employer in the state. (p. 12.13)
Term
Aggregate excess insurance (stop loss excess)
Definition
Insurance that covers losses only after the insured has retained a stated amount of aggregate loss during the policy period. (p. 12.14)
Term
Specific excess insurance
Definition
Insurance that covers loss due to a single occurrence only for the amount that exceeds the policy retention. (p. 12.14)
Term
Workers compensation and employers liability insurance
Definition
Insurance that covers (1) benefits an employer is obligated to pay under workers compensation laws and (2) employee injury claims made against the employer that are not covered by workers compensation laws. (p. 12.15)
Term
Workers Compensation and Employers Liability Insurance Policy (WC&EL policy)
Definition
The policy used in most states to provide workers compensation and employers liability insurance. (p. 12.15)
Term
Other states insurance
Definition
Insurance that automatically extends coverage to the insured's operations in any state listed in Item 3.C of the W&EL Information Page. (p. 12.22)
Term
Stopgap coverage
Definition
Coverage for employers liability that private insurers provide to employers operating in a monopolistic fund state that does not include such insurance in its workers compensation policies. (p. 12.22)
Term
Voluntary Compensation and Employers Liability Endorsement
Definition
Endorsement that amends the WC&EL policy to cover employees who are not subject to a workers compensation statute. (p. 12.25)
Term
United States Longshore and Harbor Workers' Compensation Act Endorsement
Definition
Endorsement that amends the WC&EL policy to cover the insured's obligations under the LHWCA. (p. 12.26)
Term
Experience rating plan
Definition
Rating plan that increases or reduces the premium for a future period based on the insured's own loss experience for a period in the recent past. (p. 12.29)
Term
Experience modification
Definition
A rate multiplier derived from the experience rating computation. (p 12.29)
Term
Retrospective rating plan
Definition
Rating plan that increases or reduces an insured's premium for a policy period based on the insured’s own losses during the same period. (p. 12.29)
Term
Expense constant
Definition
A flat charge designed to cover administrative expenses, such as policy issuance and record keeping, that are common to all policies. (p. 12.30)
Term
Large deductible plan
Definition
An insurance program with a deductible of $50,000 or higher that allows the insured to self-insure most of its workers compensation claims without establishing a qualifying self-insurance plan. (p. 12.30)
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