Assigned Risk
A poor risk or a risk that is difficult to insure but an insurance company is required to provide coverage for in accordance with the state law.
What is Assigned Risk?
Used for counting the number of days between two dates or the date for several days before or after a specific date.
What is TimeandDate.com?
·Application processing
·Eligibility determination for insurance
·Assignment of risks
·Oversight of the servicing carrier selection process
What are the functions of a plan administrator?
A licensed insurance company or through the State Compensation Insurance Fund (State Fund).
What are the Sources of Workers Compensation?
Representatives, Assistants/Clerks and Rating Technicians.
What is the Assigned Risk team comprised of?
Poor loss history, new business, very small business, hazardous occupation
What are reasons why an employer may have difficulty obtaining workers compensation insurance from a standard insurer?
Used to view the State Statutes for Alaska.
What is the Alaska Legal Resource Center?
22
NCCI administers plans on behalf of how many jurisdictions?
Keep records of accidents. Report work-related accidents to the state workers compensation board and to the insurer within a specified number of days.
What are Workers' Compensation Insured Obligations?
•Each function/tasks may be a variation of the above, depending on the Representative they work with. Additional tasks include:
•Assist with loss runs
•Second requests for test audits
What are Assistant/Clerk tasks?
Established by individual states to make sure employers can obtain workers compensation insurance even if standard market insurance companies are not willing to provide coverage for their business.
What is the Assigned Risk Pool or Plan?
Used for searching for business licensing and ownership.
What is Alaska Department of Commerce-
Corporations & Business License?
•The National Council on Compensation Insurance (NCCI)
•The state competitive insurance fund
•The state rating organization or another third party
What are the designated an administrators that operate the Assigned Risk plan and oversees the issuance of policies?
Represent small businesses and professions whose employees could be exposed to work-related injuries or illnesses.
What are National Council on Compensation Insurance (NCCI) class codes?
Contains instruction, helpful information and procedure. It also includes pathways and direction to access system & documents
What is the Assigned Risk Role Manual?
States that don't need assigned risk plans because all employers in those states are required to secure workers comp insurance from a government-operated fund.
What are Monopolistic States?
Used for looking up class codes and basic manual rules.
What is Reference Connect, Sage or Silver Plume?
Write & Service policies directly, solely responsible for any profit/loss.
What are the responsibilities of Direct Assignment Carriers?
North Dakota, Ohio, Washington, Wyoming
What are Stop Gap States?
•Select and enter New Business into Salesforce, daily
•Check test audits, daily
•Print test audit report& mail letters to insured & broker, monthly
•Enter Medcore contact information
•Issue & review Certificates and log them into Retriever
•Certificate rejection letters & upload if any
•Log Test Audits
•Review safety credits & email broker
•Reviewing emods against Retriever
What are Representative tasks?
Created the concept of assigned risk.
Who are State Insurance Regulators?
The standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy.
What is The North American Industry Classification System (NAICS)?
·National WC Reinsurance Association NFP (currently composed of 23 jurisdictions)
·Massachusetts WC Assigned Risk Pool
·Michigan WC Placement Facility
·New Mexico WC Assigned Risk Pool
·Tennessee Reinsurance Mechanism (TRM)
What are the 5 pools NCCI currently service?
Part 1 Workers Compensation, Part 2- Employee Liability, Other states insurance, Duties if Injury Occurs, Premium and Conditions.
What does a Workers Compensation coverage form contain?
1. Where policies are quoted
2. Where policies are housed
1. What is Salesforce?
2. What is Retriever?