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
Liability coverage mandated by the employee retirement income security act OF 1974 (erisa) under which employers are required to purchase insurance to cover their contingent liability for ...
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Anticipated insurance-related costs, not including claims-related costs. ...
Same as term Defined Benefit Plan: retirement plan under which benefits are fixed in advance by formula, and contributions vary. The defined benefit plan can be expressed in either of two ...
Specified requirements of minimum age and years of service to be met by an employee before the individual's benefits are vested. For example, under the ten year vesting rule, "n employee ...
Primary responsibility for overseeing the insurance industry that has rested with individual states since 1945, after Congress passed the MCCARRAN-FERGUSON ACT (PUBLIC LAW 15). In addition ...
Cost incurred in adjusting a claim. Claim-adjustment expenses include such items as attorneys' fees and investigation expenses (e.g., witness interviews). The claim settlement dollar amount ...
Policy that pays benefits only when coverage under other applicable insurance policies has become exhausted. For example, the personal umbrella liability policy pays after the liability ...
Coverage for property damage caused by untimely discharge from an automatic sprinkler system. This coverage, available through an endorsement to the Standard Fire Policy, typically excludes ...
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