Question

In: Finance

Does the benefit of businesses having worker's compensation insurance lead to the employer's commitment toward a...

Does the benefit of businesses having worker's compensation insurance lead to the employer's commitment toward a safer work environment? Justify your answer.

Solutions

Expert Solution

Workers compensation coverage is a state-mandated insurance program that covers lost wages and medical treatment resulting from an employee’s work-related injury or illness. It also covers services needed to help an employee recover and return to work.

Workers receive benefits regardless of who was at fault in the accident. If a worker is killed while working, workers comp (as it is often abbreviated) provides death benefits for the worker’s dependents.

Studies suggest that the faster the insurer receives notice of an injury and can initiate medical treatment and benefits, the faster the injured worker recuperates and returns to work. To help get medical treatment to the injured worker faster, some insurers help employers file promptly a "first notice of injury" with the state agency responsible for overseeing the workers compensation system, a step which can trigger the claim process.

Definitely, this insurance lead to the employer's commitment toward a safer work environment.


Related Solutions

12.In order to qualify for unemployment insurance and worker's compensation, a person must have:​ a. ​proof...
12.In order to qualify for unemployment insurance and worker's compensation, a person must have:​ a. ​proof of disability. b. ​a work experience of at least ten years. c. ​paid taxes the previous year. d. ​an employment record. e. ​a family of four. 13. One of the reasons behind the feminization of poverty is that:​ a. ​social insurance programs do not cover unmarried females. b. ​the number of people in female-headed households has increased at a faster rate than the number...
Do you think it is possible for a person to benefit from having health insurance coverage...
Do you think it is possible for a person to benefit from having health insurance coverage if the premiums paid exceed the cost of the medical care received? If yes/no, please explain why. Discuss whether it is possible for an insurance company to benefit if the medical care it provides costs more than the premiums paid in by the consumers of medical insurance.
Paraphrase this please!! Positive externalities lead to underproduction. Jon does not compensate Bob for the benefit...
Paraphrase this please!! Positive externalities lead to underproduction. Jon does not compensate Bob for the benefit of having pollinating bees nearby, so Bob produces less honey than is socially optimal. The tax on Bob’s production makes this distortion even worse by reducing production even further. Because the cost of deadweight loss increase at an increasing rate, this additional distortion is greater than if there had been no preexisting externality. In figure below, a tax on producer shifts supply from S1...
Does the compensation system insurance brokers create the right incentives? Should the system be changed?
Does the compensation system insurance brokers create the right incentives? Should the system be changed?
Ghana currently does not have unemployment benefit system as a social insurance. It can be argued...
Ghana currently does not have unemployment benefit system as a social insurance. It can be argued that, Government had to ease restrictions on movement just after 21 days of a partial lockdown in the country because the consequences for the informal economy would have been dire. Do you think instituting unemployment benefit for informal sector workers is necessary at all? Explain Suggest to government four modalities for establishing such a social insurance scheme for informal sector workers in case of...
What does yield/revenue management entail? What types of businesses, besides hotels and airlines, would benefit from...
What does yield/revenue management entail? What types of businesses, besides hotels and airlines, would benefit from revenue management? As a consumer, how do you view the practice? Describe the output of aggregate planning. When is aggregate planning most useful? Explain three alternatives for adjusting capacity and two alternatives for managing demand. Give relevant industry examples as to when these are best (or least) utilized to make your point.
Our health insurance market exists primarily through employer provided health care. Why does this lead to...
Our health insurance market exists primarily through employer provided health care. Why does this lead to lower premiums than would exist in a market for health insurance where individuals purchased insurance themselves? 5. Maytag offers a 10 year warranty on washers and dryers, and consumers are willing to pay more for Maytag products than for Kenmore products. Kenmore could charge more for their products if they offered a similar warranty, but they choose not to. Why? 6. How does having...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT