WORKERS COMP EXAM 1
QUESTIONS & ANSWERS(RATED
A+)
1. All states stipulate in their laws that benefits are payable only after a waiting
period following the report of disability. About how many days is it and what does it
apply to? - ANSWERAbout 7 Days & Applies only to cash indemnity payments and
NOT to Medical and Hospital.
2. What can an employer do to reduce or control the costs associated with workers'
compensation? What is the relative effectiveness of each one? - ANSWERPrevent
injuries. When injuries do occur, manage your claims accordingly.
3. What is meant by the term "no-fault" relative to workers' compensation? -
ANSWERNo one is at fault, the company pays for the medical costs while the
employee loses their right to sue. No matter who's fault it was you may receive
worker's compensation.
4. According to the text, workers' compensation costs are equivalent to what
percentage of a company's payroll? - ANSWER20-30%
5. What are the objectives of workers' compensation, as discussed in class? -
ANSWER- Provide income and medical benefits to injured employee. 2/3 pay
- Provide a single remedy and reduce court delays, costs, and workloads arising out
of personal injury litigation.
- Relieve public and private charities of financial drains incident to uncompensated
industrial accidents.
- Eliminate payment of fees to lawyers and witnesses as well as time consuming
trials and appeals.
- Encourage maximum employer interest in safety and rehabilitation through an
appropriate experience rating mechanism.
- Prevent frank study of causes of accidents, preventable accident and human
suffering
6. Be able to describe the types of economic losses experienced by employees and
their families when a serious accident results in compensable injury to the employee.
- ANSWERLoss of income. Loss of ability to care for yourself and all expenses you
have coming from that.
16. What are the four categories of classification that describe the degree of
disability suffered by the injured employee? - ANSWERTemporary Partial,
Temporary Total, Permanent Partial, Permanent Total
QUESTIONS & ANSWERS(RATED
A+)
1. All states stipulate in their laws that benefits are payable only after a waiting
period following the report of disability. About how many days is it and what does it
apply to? - ANSWERAbout 7 Days & Applies only to cash indemnity payments and
NOT to Medical and Hospital.
2. What can an employer do to reduce or control the costs associated with workers'
compensation? What is the relative effectiveness of each one? - ANSWERPrevent
injuries. When injuries do occur, manage your claims accordingly.
3. What is meant by the term "no-fault" relative to workers' compensation? -
ANSWERNo one is at fault, the company pays for the medical costs while the
employee loses their right to sue. No matter who's fault it was you may receive
worker's compensation.
4. According to the text, workers' compensation costs are equivalent to what
percentage of a company's payroll? - ANSWER20-30%
5. What are the objectives of workers' compensation, as discussed in class? -
ANSWER- Provide income and medical benefits to injured employee. 2/3 pay
- Provide a single remedy and reduce court delays, costs, and workloads arising out
of personal injury litigation.
- Relieve public and private charities of financial drains incident to uncompensated
industrial accidents.
- Eliminate payment of fees to lawyers and witnesses as well as time consuming
trials and appeals.
- Encourage maximum employer interest in safety and rehabilitation through an
appropriate experience rating mechanism.
- Prevent frank study of causes of accidents, preventable accident and human
suffering
6. Be able to describe the types of economic losses experienced by employees and
their families when a serious accident results in compensable injury to the employee.
- ANSWERLoss of income. Loss of ability to care for yourself and all expenses you
have coming from that.
16. What are the four categories of classification that describe the degree of
disability suffered by the injured employee? - ANSWERTemporary Partial,
Temporary Total, Permanent Partial, Permanent Total
