Margolin Act
Definition of " margolin act"
Legislation passed in California that establishes procedures applicable to any worker who incurs a job-related injury. This act has far-reaching implications for workers compensation insurance in other states also. Under the act, the employer must provide the Employee's Claim for Workers Compensation Benefits form upon an employee's request or within 1 day of his or her injury. A series of penalties and fines is established in the event that claims rightfully due a claimant are inappropriately delayed. For example, one fine could result if indemnity payments do not begin within 14 days of the employer's knowledge of an employee's disability. Another tine could result if the entire compensability investigation is not completed within 90 days. Attorney's are required to provide prospective clients at the initial consultation with an Attorney Fee Disclosure Statement, which states attorneys' fees for handling the case, and also encourages the prospective client to use instead the Office of Benefit Assistance and Enforcement, which provides its service at no charge. It is a requirement that this form be signed by both the prospective client and the attorney.
Popular Insurance Terms
One-year futures contract (standardized agreement between two parties to buy or sell a commodity or financial instrument on an organized futures exchange such as the CBOT within some future ...
In property insurance policies, provision that excludes the insurance company's liability for indemnification of the insured for the insured's expenses incurred in the demolition of ...
Workers' premiums in a contributory employee benefit plan. ...
Requirement upon termination of a pension plan; an employer must reimburse the pension benefit guaranty corporation (pbgc) for any loss that the PBGC incurs as the result of paying employee ...
Model state law of the NAIC that stipulates that the total sum of medium grade bonds (bonds carrying a rating of 3, assigned by the Securities Valuation Office of the NAIC) and lower grade ...
Optional provision in a disability income policy that allows the policyowner to increase the monthly income sum at an approximate rate of 6%. ...
When we are young, we usually don’t take our retirement seriously and don’t even know the definition of an Individual Retirement Account (IRA). We become more preoccupied with ...
Property loss in which the insured peril is the proximate cause (an unbroken chain of events) of the damage or destruction. Most basic property insurance policies (such as the standard fire ...
Reinsurance term under which the reinsurer exercises its faculty or prerogative to insure a risk or reject a risk from a ceding company. ...
Have a question or comment?
We're here to help.