Workers' Compensation
What portion of the policy provides coverage for the employer for claims against possibly intentional acts?
What is employers liability coverage?
The number of self-insured group funds currently in Michigan?
What is 26?
The insurance that protects workers in the event of a workplace injury.
What is workers' compensation insurance?
She creates the ads for our funds?
Who is Theresa.
This abbreviation is one of the core components of developing a workers' compensation premium and reflects a company's past claims history and risk level compared to other businesses in the same industry.
What is a MOD?
Numerical identifiers assigned to different types of jobs to help determine the level of risk associated with various occupations.
What are class codes
The insurance protection provided to protect SIG's from large catastropic claims.
What is excess insurance?
The term for insurance companies that handle workers' compensation claims?
Who is the TPA or Claims Administrator?
She collects the members' premium payments.
Who is Tricia.
When injuries are either reported late or not reported during the policy term or possibly for months later.
What is IBNR
Workers' Compensation is based on this estimated number.
What is payroll?
The ultimate person(s) responsible for state compliance of a SIG?
What is the Named Fund Administrator?
An agreement between the injured worker and the insurance company finalizing all worker's compensation payments and any future medical that will be provided to the worker.
What is a settlement?
He works with our excess insurance carrier for the renewals of our out-of-state workers' compensation policies
Who is Liam?
When a doctor reviews an injured employee's medical records, examines the work injury, and submits a report on the injury and course of treatment.
What is an IME?
This term is used where injured employees are prevented from suing their employers for additional damages if there was no intentional misconduct by the employer.
What is "exclusive remedy."
The portion of the premium that is allocated to pay for claims?
What is the loss fund?
A review of a member's compensation paid during the policy term to determine whether the exposure used to determine the original premium was accurate. If there was more exposure then the estimated indicated, the premium would be refunded. If under estimated, the additional premium due within 30 days.
What is an audit?
They provide the safety resources to our members out in the field?
Who is David and Nathan?
What is a SIG?
A Michigan Fund Administrator with the greatest number of self-insured workers' compensation funds.
What is RPS Regency?
The money that is not used to pay for claims and overhead expenses (sometimes called surplus premium) and distributed back to members.
What is profit return?
Who can place business in our funds?
What is an agent/agency?
She works with the underwriters when issuing member policies to the state?
Who is Kristin?
When a company orders an employee's driving history information?
What is a MVR?