Definition of "Second-injury fund"

Insurance fund set up by most states to encourage employers to hire handicapped workers. Where workers with existing handicaps suffer further work-related injuries or diseases that result in total disability, the employer is responsible for the workers compensation benefit only for the second injury or disease. The fund makes up the difference between the benefit for total disability and the benefit for the second injury. Second-injury funds are financed through general state revenues or assessments on workers compensation insurers.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Group that advises on employee benefit plans as to amount of benefits to be paid, how benefits are to be financed, and how employees are to qualify for benefits (vesting requirements). An ...

Automatic right of an insured to renew a policy until a given date or age except under stated conditions. It is extremely important for the purchaser to review the conditions for renewal in ...

Termination of life. A death certificate is required by a life insurance company for a beneficiary to receive the death payment. ...

Total limit of coverage under all policies applicable to the covered loss for which an insured can be indemnified. For example, if two health insurance policies are in force on the same ...

Measurement of how people feel about prevailing economic conditions, employment outlook, and personal finances. This index is based on statistics gathered from questionnaires mailed by the ...

Structured product designed to meet specific needs of the insured that may involve any of the following funding arrangements: loss portfolio transfers in which the self-insurer transfers ...

Retirement payments to be credited for future years of service with an employer. ...

Sum of insurance provided by a policy at death or maturity. ...

Insurance company that transfers a risk to a reinsurance company. ...

Popular Insurance Questions