Nonoccupational Disability
Condition that results from injury or disease that is not job related. Workers compensation applies to employees disabled by on-the-job injuries or disease. In addition, five states require employers to pay income (not medical expense) benefits if a worker is disabled by illness or injury that did not occur at work: Rhode Island, California, New Jersey, New York, and Hawaii. Except for Rhode Island, employers may buy private coverage; in Rhode Island, they must get coverage from a state fund. Hawaii is the only state without an optional state fund.
Popular Insurance Terms
Element used to adjust losses to reflect the incurred but not reported claim (IBNR) under the retrospective method of rating. ...
Death caused by a person without legal justification. Wrongful death may be the result of negligence, such as when a drunken driver hits and kills someone; or it may be intentional, as when ...
Insurance company incorporated according to the laws of the state in which a risk is located and the policy issued. The insurance company is domiciled in that state. ...
Circumstances that encourage the organization of pension plans by employers. For example, employer contributions are tax deductible as business expenses and not currently taxable income to ...
Written contract between an insured and an insurance company stating the obligations and responsibilities of each party. ...
Insurance policy that differs from the standard form. ...
Same as term Deviated Rate: rates used by a property and casualty insurance company that are different from that suggested by a rating bureau. An insurance company may use deviated rates ...
Actuary, appointed by the life insurance company, required by the national association of insurance commissioners (naic) under the naic: standard valuation law to provide an opinion as to ...
Type of pension in which benefits may vary depending on the investment performance of the pension plan assets. Contributions are made to fund a target benefit, such as 35% of compensation, ...
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