Benefits paid to an employee by an employer who is injured, disabled, or killed while working. Under state law, these benefits must be paid by the employer regardless of liability. This term can also be used to refer to insurance taken by an employer who will pay these benefits on the employer’s behalf.
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Workers compensation agency
Federal entity that administers a federal or state workers’ compensation law such as workers’ compensation commission, industrial commissions, industrial boards, workers’ compensation insurance funds, workers’ compensation courts, and U.S. Department of Labor. Also referred to as state compensation board or commission .
Workers Compensation Appeals Board (WCAB)
Board that handles workers’ compensation liens and appeals.
Workers compensation carrie
r1. Insurance company that writes workers’ compensation insurance under state or federal law. 2. State compensation fund where the state administers the workers’ compensation program. 3. Beneficiary’s employer where the employer is self-insured.
Workers Compensation Catastrophe Policy
Excess of Loss Reinsurance purchased by primary insurers to cover their unlimited medical and compensation liability under the compensation laws of the land.
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.