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Working member

A Lloyd’s underwriter principally occupied with the conduct of business at Lloyd’s by working for a Lloyd’s broker or underwriting agent.
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A member who occupies himself principally with the conduct of business at Lloyd’s by a Lloyd’s broker or underwriting agent, or a member who has retired but who immediately before his retirement occupied himself in this way.

Workmen’s Compensation Insurance or Employers’ liability Insurance

The Policy protects the employers against their legal liability to their employees for payment of compensation arising as a result of death or disablement of the employees arising out of and in the course of employment. This liability may arise under the Workmen’s Compensation Act, 1923; the Fatal Accidents Act, 1855 or at Common Law. (1) The Workmen’s Compensation (Amendment) Act, 2009 is now renamed as The Employee’s Compensation (Amendment) Act, 2009 and wherever “workman” or “workmen” is mentioned in the entire Act the same needs to be read as “Employee”…(2) The compensation payable on death from the injury, is (i) minimum of Rs.80000 is increased to Rs.120000 or (ii) 50% of the monthly wages of deceased multiplied by the relevant factor. (3) The compensation payable on Permanent Total Disablement from the injury, is (i) minimum of Rs.90000 is increased to Rs.140000 or (ii) 60% of the monthly wages of deceased multiplied by the relevant factor.

Workplace (Health, Safety and Welfare) Regulations 1992

Regulations, imposing duties on employers and those in control of workplaces (mining and construction sites excepted), aimed at: (a) health and safety in the workplace covering the environment in which employees are expected to work (ventilation, temperatures etc.); (b) design and maintenance of the premises (condition of floors, traffic routes, etc.); and (c) welfare facilities. The Regulations apply to all parts of the workplace including outdoor workspace. A breach of the Regulations is criminal and also provides the basis for a civil action.

Works Damage Insurance

An engineering insurance relevant to businesses producing manufactured goods with installed plant and machinery which may, along with the manufactured goods, suffer accidental damage in the factory. The property is insured against damage following accidental external impact, including falling, toppling, overturning or dropping at the location. The policy usually extends to cover customers’ property undergoing repair or renovation and, in certain circumstances, loading and transit cover in respect of new products may be included. The policy carries an excess and exclusions relate to fire and additional perils, theft, faulty workmanship, electrical and mechanical breakdown, loading for despatch, the initial installation or final removal (these are insured as transit risks).

Worksite Marketing of Insurance Products

Worksite marketing is about approaching a group of clients (could be employees of a particular company or members of a particular group such as a club or an association) for selling of insurance policies, by addressing them in a group or making a presentation to them. This is an innovating channel to distribute insurance products though is still evolving in India. The premium payment could be done by the employer by way of collecting/sharing a portion with employees. The business sources by this channel is individual business and not group insurance. While in group insurance, there is one master policy given to the employer for all the employees, the policies issued in worksite marketing arrangement are individual ones. Worksite marketing is about offering need based solutions to each client. As the various members of a group could be interacted with and addressed in on ego itself the time taken in closing the sale is relative shorter.

World Health Organization (WHO)

United Nations specialized agency for health that was established in April 1948. WHO’s objective, as set out in its Constitution, is the attainment by all peoples of the highest possible level of health. Health is defined in WHO’s Constitution as a state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity. WHO is governed by 192 Member States through the World Health Assembly. The Health Assembly is composed of representatives from WHO’s member states. The main tasks of the World Health Assembly are to approve the WHO program and the budget for the following biennium and to decide major policy questions. WHO maintains the International Classification of Diseases (ICD) medical code set.

Worry Method

In risk financing techniques a variation of the expected tangible loss method that Directs the risk manager to select the tool that would minimize the average tangible rupee outlay in the long run plus the value that the risk manager assigns to any worry caused by the short-run uncertainty, if any, that remains. Also See Also: “Loss, expected tangible.”