See: workers’ compensation agency .
Insurance Encyclopedia
State compensation fund
Type of workers compensation program in which the state appoints an agency to act as the insurance company to cover industrial claims.
State death taxes (Estate)
A state tax assessed to a beneficiary who receives property from a deceased person.
State Disability Insurance (SDI)
Insurance that covers off-the-job injury or sickness and is paid for by deductions from a person’s paycheck. This program is administered by a state agency and is sometimes known as Unemployment Compensation Disability (UCD) . Six states have compulsory state disability plans: California, Hawaii, New Jersey, New York, Puerto Rico, and Rhode Island.
State Earnings-Related Pension Scheme
See: SERPS; S2P.
State fund
A fund established by the state’s government to finance a type of legally mandated insurance; for example, workers compensation.
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A fund set up by a state government to provide a specific line or lines of insurance, such as workers compensation.
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US: A fund set up by a state government to provide a specific line or lines of insurance. Some state permit private insurers to compete with the state fund.
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MEDICAL, US: Insurer established and operated by a state government that is a mandatory insurance program such as workers’ compensation insurance.
State fund employer
Employer or corporation who pays premiums into the state insurance fund for workers’ compensation insurance coverage.
State health insurance assistance program
State program that receives monies from the federal government to give free local health insurance counseling to people with Medicare.
State insurance commission
Official state group charged with regulating, administering, licensing insurance companies, and enforcing laws pertaining to insurance business in the state and providing public information on insurance. Also known as State Insurance Department or Department of Insurance (DOI) .
State Insurance Department
US: A department of a state government whose duty is to regulate the business of insurance and give the public information on insurance.
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An administrative agency that licenses insurers to do business in that state, licenses insurance agents, implements state insurance laws, and supervises (within the scope of these laws) the activities of insurers operating within the state.
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MEDICAL, USA: See: state insurance commission .