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The New York State Insurance Fund ( NYSIF) is a governmental insurance carrier that provides workers' compensation and disability benefits for employers in New York State. NYSIF is financially self-supporting and competes with private insurance carriers. It is required by law to provide the lowest possible premiums to maintain its solvency. [1]
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an ...
Workers' compensation employer defense. When a worker has an injury, all US states have a structure of laws designed to provide multiple benefits to that worker. These laws are referred to as workers’ compensation. They define the benefits, identify all of the parties, and dictate the manner and method for dispensing such benefits.
Workers Compensation Acts The Workers Compensation Act 1902. The next implementation after the Employers Liability Act 1897 was the 1902 Workmen's Compensation Act. This act was fundamentally better for employees as it enforced compensation for the injured worker(s) even if the worker was slightly at fault.
Collective liability to ensure security of payment to the injured worker. An added bonus is that collective liability also was an edge against bankruptcy for employer. 5. Autonomous Board, with exclusive jurisdiction, doing what is just to the injured worker. The Provincial Governments entire role in workers compensation was to appoint ...
Owner-controlled insurance program. An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions). [1]
An Alternate Employer Organization (AEO) is a human resource services firm targeting small and medium sized business (typically less than 250 employees). AEO offerings include payroll processing, payroll tax filing, workers’ compensation insurance, health benefits, employers’ practice and liability insurance, and workforce management ...
The benefits under a non-qualified deferred compensation plan are considered to be "unfunded" as long as the employee has no rights in any specific assets of the employer, the deferred amounts are subject to the claims of the employer's general creditors, and the employee has no power to assign his or her rights. [11]
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