The programme created by statute that makes the Employer, regardless of fault, responsible for most job-related injuries and diseases
Insurance Encyclopedia
Workgroup for Electronic Data Interchange (WEDI)
1. Health care industry group that has a formal consultative role under the Health Insurance Portability and Accountability Act (HIPAA) legislation (also sponsors Strategic National Implementation Process [SNIP], a workgroup for electronic data interchange that improves health care through electronic commerce). 2. Policy advisory subgroup of the Accreditation Standards Committee X12 that has been involved in creating electronic data interchange standards for insurance billing transactions. Also see policy advisory group.
Working aged
See: Medicare/Employer Supplemental Insurance .
Working Cover
REINSURANCE: A contract covering an amount of excess reinsurance in which frequency of loss is anticipated, usually attaching over a relatively low retention and usually providing a relative low limit of reinsurance coverage per loss or risk.
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REINSURANCE: A contract covering an area of excess reinsurance in which loss frequently is anticipated.
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UK: an excess of loss reinsurance in which loss frequency is anticipated because the specified limits fall well within the insurer’s underwriting limit for any one risk or loss occurrence.
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The first layer of an excess of loss treaty.
Working cover/layer
First layer of an excess of loss treaty above the reinsured’s retention. The attachment point is relatively low in order to accommodate relatively frequent claims to protect the reinsured’s normal daily exposure on the basis of any one event or risk. Premiums are generally based on prior years’ loss experience calculated on an automatic scale. Compare with buffer layer and catastrophe layer.
Working Excess
A contract covering a type of excess reinsurance (per risk) in which loss frequency is anticipated as opposed to loss severity. Thus a working cover would usually have a low indemnity and would attach above a relatively low retention.
Working excess of loss per event
Retention and cover apply to the sum of all losses from the same event; unlike a catastrophe excess of loss there is no two risk warranty and the deductible is low enough to be triggered by a single risk.
Working excess of loss per risk
Deductible and cover are applied individually for each risk regardless of whether losses are caused by a single event.
Working in progress cover
Credit insurance protecting a manufacturer who has committed resources to enter into contracts with suppliers against losses due to default by the prospective customer.
Working Layer
The first layer above the cedant’s retention wherein moderate to heavy loss activity is expected by the cedant and reinsurer. Working layer reinsurance agreements often include adjustable features to reflect actual underwriting results.
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UK: See: WORKING COVER.