Workers Compensation

Question 1

To set minimum standards for work safety is the purpose for what entity?

Answer 1

OSHA

Question 2

What is the difference between monopolistic state fund and a competitive market?

Answer 2

Monopolistic state funds, employers are required to purchase workers compensation insurance from a state-operated entity.
Competitive markets, workers compensation is purchased by employers from insurers authorized to write casualty insurance.

Question 3

How are compulsory laws different from elective laws?

Answer 3

Compulsory laws require employers to provide workers compensation coverage for employees. Elective laws do not.

Question 4

What type of employment and employees are covered by the U.S. Longshore and Harbor Workers Compensation Act?

Answer 4

Maritime employment

anyone other than seaman

Question 5

What are the 2 main parts of workers compensation insurance?

Answer 5

Part I= Workers Compensation

Part 2= Employers Liability

Question 6

The following are what type of payment included in workers comp:

Defense costs
Expenses incurred at the insurer’s request
Premiums for certain bonds
Litigation costs
Interest on judgements required by law until the insurer offers a settlement
All expenses the insurer incurs.

Answer 6

Supplemental payment

Question 7

Protects the insured from situations that are not covered under a state’s workers compensation law.

Answer 7

Employers Liability Insurance

Question 8

If injury occurs, all of the following are duties of?

Notify the insurer at once
Provide immediate medical care required by the law
Provide the names and addresses of the injured worker and witnesses
Promptly send any notices or other legal papers
Cooperate with the insurer
Not make any voluntary payments or assume any obligations

Answer 8

The employee

Question 9

How are premiums determined for workers compensation insurance?

Answer 9

Payroll of each occupational classification.