WC Fundamentals
This benefit replaces a portion of lost wages when an employee is injured on the job.
What is indemnity?
The most common cause of lost-time claims across most industries.
What are slips, trips, and falls?
The key feature that describes the relationship between a business and a PEO, in which they share employment responsibilities.
What is co-employment?
In most work comp policies, businesses have this many days to notify their carrier of a change in ownership.
What is 90 days?
The term for insured that are invoiced each month, based on the amount and type of payrolls reported.
What is Monthly Self-Reporting accounts?
This WC benefit pays for treatment related to a covered workplace injury.
What are medical benefits?
A claim that results in no lost workdays beyond the waiting period.
What is a medical-only claim?
The document that defines responsibility for safety, claims, and payroll reporting within a PEO.
What is the Client Service Agreement (CSA)?
The formal endorsement applied to a policy waives a carrier's right to recover claims dollars from a responsible party?
What is a Waiver of Subrogation?
This type of policy is reserved for insureds who are willing to share risk and are well capitalized.
What are Large Deductible/Self-Insureds?
This term refers to injuries that develop over time rather than from a single event.
What are cumulative trauma or occupational disease claims?
This factor often causes claim costs to escalate long after the injury occurs.
What is delayed reporting?
In a PEO relationship, it is this entity's responsibility to supervise employees' day-to-day activities.
What is the Worksite Employer (Or Host/Client/Borrowing)?
This type of insurance requires an employer to provide security/collateral to the state to ensure they can fund their claim liabilities.
What is self-insurance?
The Written Premium goal for Prescient at the end of 2026.
What is $39M?
The rule that workers’ compensation benefits replace an employee’s right to sue their employer for a work‑related injury.
What is exclusive remedy?
This term used to describe the state-mandated cap on reimbursable medical expenses for an injured worker.
What is a Fee Schedule?
This type of policy provides a policy in the name of the worksite and increases exposures to uninsured subcontractors.
What is a Minimum Premium Policy (MPP)?
This document verifies WC coverage to a third party.
What is a certificate of insurance?
Prescient's claimant-focused text messaging program.
What is Hi Marley?
This factor is based on 3 years of payrolls and losses and directly impacts premium.
What is the Experience Modification Factor (EMR/X-Mod)?
The term used to describe the claims costs associated with investigation, defense, and settlement.
What are Allocated Loss Adjustment Expenses?
The two major types of PEO policies.
What is a Master and a Multi-Coordinated Policy (MCP)?
Each carrier is required to submit this to the state, upon binding a policy, or risk fines.
What is Proof of Coverage?
In cybersecurity, a tactic where perpetrators impersonate others.
What is Spoofing?