Workers' Compensation
What portion of the policy provides coverage for the employer when an employee makes a claim against them for 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?
This person creates the ads for our funds making sure the specs fit the publication and meeting a variety of deadlines.
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?
This is a term used for insurance companies that are hired on behalf of a SIG to handle workers' compensation claims,
What is a TPA or Claims Administrator?
Making good use of our office supplies, this person likes to print and frequently uses a mechanical pencil, highlighter, and sticky notes.
Who is Joe or "See me JC"?
This number is an educated estimate for every fund year to anticipate future injuries that are not reported during the policy term. It can also take into account existing claims where reserves are increased.
What is IBNR
When developing a workers' Compensation premium, this figure is divided by 100 and typically audited at the end of the policy term.
What is payroll?
This regulataory agency oversees the operation of Michigan SIGS.
Who is the Department of Labor and Economic Oppotunity, Workers' Disability Compensation Agency?
An agreement between the injured worker, the employer, 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?
The staff person who works with our excess insurance carrier for the renewals of our out-of-state workers' compensation policies and just got engaged.
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 and typically is 75% of a members' premium.
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 is due within 30 days.
What is an audit?
They are sometimes the only person from our office who see our members and provide them with numerous helpful resources to help.
Who is David and Nathan?
The abbreviation for self-insured workers' compensation programs involving more than one employer.
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?
This person can place business in our funds and sometime over-looked as our key client.
What is an agent/producer?
This team member has relocated her office space and lives and breathes 650/651's.
Who is Kristin?
When a company orders an employee's driving history information.
What is a MVR?