Voluntary Compensation Endorsement
Definition of "Voluntary compensation endorsement"
Addition to a workers compensation insurance policy to cover payments to injured employees who are not covered by a state's workers compensation law. This endorsement provides employees who are not covered by the state law a choice of receiving workers compensation benefits or suing the employer. Under workers compensation laws, employers agree to supply, according to a formula, income lost by workers accidentally injured on the job, as well as medical and rehabilitation benefits and death and survivor benefits. In exchange, these benefits are to be the final obligation of the employer to compensate workers, or the exclusive remedy. However, there has been considerable erosion of the exclusive remedy concept since the early 1970s. Workers have been allowed to sue their employers for various types of on-the-job injuries. Each state has its own workers compensation law.
Popular Insurance Terms
Publication stipulating underwriting rules applicable for a given line of insurance, classifications of exposures within that line of insurance, and premium rates per classification. For ...
Method of terminating a split dollar life insurance policy by the company transferring its interest in the policy (after the company has effected the largest policy loan permitted equal to ...
Act that provides new funding for the Bank Insurance Fund and enhances the safety and soundness of the financial system. The FDICIA includes the Foreign Bank Supervision Enhancement Act ...
Choice or choices the annuitant has in deciding how income is to be received from an annuity. ...
Covers all employees of a business on a blanket basis with the maximum limit of coverage applied separately to each employee guilty of a crime. ...
Summary certificate of benefits issued to an employee in lieu of a policy. The master contract remains with the employer. For example, in group life insurance, an employee receives only a ...
Insurance coverage that protects a contractor or other type of business providing a service for expenses incurred in the event a contract is not ratified by a foreign government. For ...
Combination of contributions of many investors whose money is used to buy stocks, bonds, commodities, options, and/or money market funds, or precious metals such as gold, or foreign ...
Index that reflects changes in industrial output by manufacturers, mines, electric utilities, and natural gas utilities. This is a monthly index published by the Federal Reserve. ...
Have a question or comment?
We're here to help.