A type of Insurance found in some countries by which the Company agrees to pay injured employees who are not subject to the compensation law benefits which they would have received if they were covered. In some countries the compensation law applies only to employees engaged in certain hazardous occupations. Under a voluntary compensation Policy and employee engaged in a non-hazardous occupation could receive the same benefits as are provided by the compensation law.
Tag: RAW
Voluntary compensation insurance (Workers Compensation)
A type of coverage, similar to workers compensation, which provides benefits in situations where workers compensation may not.
Voluntary contributions certificate
Issued by an FSAVC scheme to the member as evidence of his membership and contributions to the IR.
Voluntary controls
Measures that providers have agreed to establish to assist in keeping medical costs down.
Voluntary Deductible
The additional deductible opted by the insured in consideration of further discount in premium. The clause provides that the voluntary deductible opted shall be in addition to compulsory excess exclusion stipulated under “General Exclusions” attached to the basic policy or its endorsement.
Voluntary Deductible for Fire Insurance
Discount is allowed for insured opting for voluntary deductibles.
Voluntary disability insurance
Self-insured disability insurance plan used in lieu of a state plan, in which a majority of employees voluntarily consent to be covered.
Voluntary disclosure protocol
Procedure that providers follow to self-disclose claims presented to the government that are asserted to be mistaken or fraudulent. Also referred to as provider self-disclosure protocol .
Voluntary employee beneficiary association (VEBA) (Health Insurance)
A type of trust used to fund health care ahead of it being needed.
voluntary employees’ beneficiary association (VEBA)
See: 501(c)(9) trust .