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
Methods for payment of the value of a policy. An insurance company can select one of three options in settlement of a loss: make a cash payment; take possession of damaged or destroyed ...
Representative of an insurance company who sells ordinary and industrial life insurance policies. In an effort to move their field forces into the ordinary life business, many industrial ...
Coverage in liability insurance for a ship owner in the event of collision with another ship. A running down clause, when added to basic hull marine insurance, protects against liability ...
Provision in most property insurance policies that permits a policyholder to use the insured premises to store materials and handle them in the manner needed to pursue his or her line of ...
Inland marine policy that protects an insured against loss for property that is shipped. One policy may be written for a single shipment, as for a family moving household goods, or it may ...
Maritime acts resulting in a liability circumstance falling under common law and statutory law. ...
Aggregate of face amount of coverage paid up, or on which premiums are still being paid, as issued by a life insurance company. This is one measure used to rank life insurance companies by ...
Total premiums written by a ceding company minus premiums ceded to its reinsurer. ...
Notice added to the employee retirement income security act (erisa) requiring the employer to disclose the following information concerning the pension plan to the employee: statement ...
Have a question or comment?
We're here to help.