Excess of Loss Reinsurance purchased by primary insurers to cover their unlimited medical and compensation liability under the compensation laws of the land.
Tag: RAW
Workers compensation catastrophe policy (Reinsurance)
A type of excess of loss reinsurance that primary insurers obtain to cover unlimited medical and compensation liability.
Workers compensation injury
See: industrial accident .
Workers Compensation Insurance
Coverage providing four types of benefits (medical care, death, disability, and rehabilitation) for employee job-related injuries or diseases as a matter of right (without regard to fault).
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Coverage that conforms to the workers compensation laws of the states in which it written. See also Employers liability insurance.
Workers compensation self-insurers bond
Workers compensation laws, at the state and federal level, require employers to compensate employees injured on the job. An employer may comply with these laws by purchasing insurance or self insuring by posting a workers compensation bond to guarantee payment of benefits to employees. This is a hazardous class of commercial surety bond because of its long-tail exposure and potential cumulative liability.
Workers’ Compensation Insurance
Insurance against liability imposed on certain employers to pay benefits and furnish care to employees injured, and to pay benefits to dependents of employees killed in the course of or arising out of their employment.
Workers’ Compensation
The programme created by statute that makes the Employer, regardless of fault, responsible for most job-related injuries and diseases
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.