Occupational Safety And Health Act (osha)
Definition of "Occupational safety and health act (osha)"
1970 legislation that set federal standards for workplace safety and imposed fines for failure to meet them. A controversial law, it took much of the power from the states for regulating workplace safety. It authorized the U.S. Department of Labor to have federal compliance officers make surprise inspections of business firms. It set up the national commission of state workers compensation laws to recommend upgrade of worker protection, including higher disability benefits, compulsory coverage, and unlimited medical care and rehabilitation. Most states adopted the recommendations, which incidentally led to increases in workers compensation insurance premiums.
Popular Insurance Terms
Record of debit or industrial insurance policies. ...
Method used to determine the policyholder's return on premiums paid into a life insurance policy. This method is illustrated in two ways:.Surrender of Policy Approach calculation of the ...
Premium applied in workers compensation insurance and in life insurance. In the latter, it is the portion of a premium that is loaded to reflect an insured's expectation of loss, ...
Insurance protection written in the form of a single line policy. ...
Trust under which the beneficiary (cannot be a charitable beneficiary) receives a fixed percentage (not less than 5% of the trust's annual value) of the net fair market value of the trust ...
Usually term insurance for one year added to a basic life insurance policy. In effect, this increases or decreases the face amount of the basic policy to reflect cost-of-living changes as ...
Structure. In general, company functions are delegated to several departments: actuarial, agency, claims and loss control, investments, legal, marketing, and underwriting. ...
Amount credited to the cash value of an insured's life insurance policy above the minimum interest rate it guarantees. This payment is of extreme importance to a policyowner since it will ...
Payment of that portion of the annual premium by the employee necessary to cover the PS-58 cost for that given year. Any unpaid premium balance for that particular year is paid by the ...
Have a question or comment?
We're here to help.