Unit 19: Workers’ Compensation

Flashcards

Workers Compensation Insurance

To provide benefits to employees for work-related injuries or illnesses.

Workers Compensation Required in Florida?

Yes, with exceptions based on the number of employees and industry.

Workers Compensation Benefits (Four Types)

Medical, income, rehabilitation, and death benefits.

Waiting Period for Income Benefits in Florida

7 days, unless the disability lasts more than 21 days.

Medical Benefits in Workers Compensation

Pays for medical treatment related to a covered injury or illness.

Income Benefits

Replaces a portion of lost wages when an employee cannot work.

Rehabilitation Benefits

Pays for services needed to return an employee to work.

Death Benefits

Provides compensation to dependents if the employee dies from a work-related cause.

Regulation of Workers Compensation Laws

Each state has its own workers compensation board or agency.

Employers Liability

Legal responsibility for work-related injuries not covered under workers' comp.

Workers Compensation and Employers Liability Policy

Standard insurance policy covering statutory workers comp and employers liability.

Parts of the Workers Compensation and Employers Liability Policy

Part One: Workers Comp, Part Two: Employers Liability, Part Three: Other States Insurance.

Part One Coverage

Obligations the employer has under state workers compensation laws.

Part Two Coverage

Liability for employee injuries not covered by statutory benefits.

Part Three Coverage

Provides coverage for operations in other states not listed under Part One.

Common Exclusions Under Workers Comp Policies

Intentional injury, illegal employment, intoxication, off-duty injuries.

Self-Insured Workers Compensation?

Yes, large employers can meet requirements by posting a bond and handling claims themselves.

Monopolistic State Fund

A state-run insurance program that prohibits private insurers from writing workers comp.

Florida a Monopolistic State?

No, private insurers may provide coverage.

Experience Modification Factor

A rating factor based on an employers claims history that adjusts premium.

Assigned Risk Plan

A state plan for employers unable to obtain workers comp in the voluntary market.

Independent Contractor in Workers Compensation

A person working for themselves, not typically covered unless specifically included.

Maximum Benefit Limit for Death Benefits in Florida

$150,000 to eligible dependents.

How are Income Benefits Calculated?

Based on a percentage (typically 66 2/3%) of the employees average weekly wage.