Basic Terms
The amount of money an insurer charges to provide the coverage described in the policy.
Premium
The term Employer is generally described as one who hires another, has the right to direct and control the activities of that person, and provides this.
Some form of pay for services provided.
Currently, there are four states which have this type of workers' compensation security arrangement, in which no private insurance is available.
Monopolistic or Exclusive State Fund
In ImageRight, this type of annotation is not permanent.
Sticky Note
An organization that collects statistical data (such as premiums, exposure units, and losses), computes advisory rating information, develops standard policy forms, and files information with regulators on behalf of insurance companies that purchase its services. An example is NCCI.
This type of worker, who may clean your house, may be exempt from workers' compensation coverage because there is no product price into which cost of workplace injuries can be incorporated.
Domestic
These type of markets exist for employers who are unable to get coverage in the voluntary market, due to high risk operations, poor loss experience, or lack of experience.
Residual Markets
These two values are multiplied to form an approved rate for a given classification code.
Loss Cost Factor and Loss Cost Multiplier
Modification of manual rates either upward (debits) or downward (credits) to reflect the individual risk characteristics of the subject of insurance.
Schedule Rating
The law in the state of employment applies to injury or illness suffered in another state is called this - you may want to "phone home" for the answer.
extraterritorial
You know, like ET?
This type of insurance involves a pooling arrangement among multiple employers.
Group Self-Insurance
The two part test that must be satisfied for an injury to be compensable under a workers' comp policy.
arising out of employment
and
in the course of employment
A partial return of premium to the insured based on the insurer's financial performance or on the insured's own loss experience.
Dividend
In some states, this must be filed, clearly identifying who is an independent contractor for workers’ compensation purposes.
Exemption Certificate
This is insurance for insurance companies.
Reinsurance
Where allowed by state law, this endorsement extends WC benefits to those who may not otherwise be entitled to them, such as executive officers, farm workers, and domestic employees
Voluntary Compensation Endorsement