Workers Compensation Catastrophe Cover
Excess coverage for employers who use self insurance for routine workers compensation risks. Many employers consider workers compensation exposure to be routine and predictable and set up a fund to pay these losses themselves rather than trade premium and claims dollars with an insurance company. To supplement a self-insurance program, an employer may buy insurance for catastrophic loss above a certain limit. A stop loss aggregate contract will pay all losses in one year over a specified dollar limit. A specific excess contract pays losses over a stated limit per accident.
Popular Insurance Terms
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Insurance coverage that protects a company's and/or individual's assets against financial loss resulting from acts of confiscation, expropriation, or nationalization by a foreign ...
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Reduction of private pension benefits to avoid "duplication" of Social Security benefits, according to a formula. Many pension plans "offset," or reduce, monthly pension benefits by a ...
Restriction on the benefit that owners and other highly compensated individuals may receive from a qualified pension or other employee benefits. The U.S. Tax Code requires that benefits ...
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