Federal Employers Liability Act (fela)
Definition of "Federal employers liability act (fela)"
Federal law comparable to state workers compensation statutes setting out liability of railroads for work-related injuries or death of their employees. Railroad employees are not covered by workers compensation laws. Under normal tort law, the injured party must prove he or she did nothing to contribute to the negligence or the risk. But under the terms of the federal act, railroad employees must only show that negligence on the part of the employer contributed to the injury. Therefore, this law gives railroads responsibility for on-the-job injuries to employees. But the railroads are not protected by the theory that workers compensation should be the only responsibility of employers for their employees, or by the prescribed schedule of benefits.
Popular Insurance Terms
Fixed or stated amount of interest paid by a security expressed as a percent of the par value of the security. The longer the length of time until maturity, the higher the coupon rate to ...
Device that allows plan participants in employee stock ownership plan (ESOP) trust to reinvest the dividends into their section 401 (k) plan. Under the switchback approach, plan ...
The definition of special acceptance explains how two insurance institutions work together for the benefit of the masses. In order to define what special acceptance means, we must ...
Same as term Compulsory Insurance: coverage required by the laws of a particular state. For example, many states stipulate minimum amounts of automobile liability insurance that must be ...
Amount of the insurance company's liabilities for claims that have not been settled. If this reserve increases significantly in relation to the company's surplus, the risk is greater for ...
Endorsement to many commercial property insurance policies that covers office equipment. Coverage includes all equipment, whether or not owned by an insured, improvements an insured has ...
Picture of future dividends that the insurance company expects to be allocated to a specific block of policies. The accuracy of this picture depends on the actual future mortality, ...
Dividends of a participating life insurance policy deemed by the Internal Revenue Service to be a return of a portion of premiums and thus not subject to taxation. ...
Provision in a life insurance policy that if an insured dies within a given period of time, the beneficiary receives the face value of the policy plus its cash value. ...
Have a question or comment?
We're here to help.