What are the features of workmen compensation Policy?

What are the features of workmen compensation Policy? A workmen’s compensation policy covers the financial liabilities that organizations might face if their workers or employees get injured or die during the natural course of their employment. In such cases, as per the statutes of the Workmen’s Compensation Act, 1923, organizations need to shoulder the financial […]

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What is indemnity in Workers Compensation Insurance?

The principle of indemnity enables the worker (insured) to be restored to the same financial condition as s/he was, before the loss occurred due to the workplace accident. In workers’ compensation insurance,  ‘to indemnify’ means to make payments to the injured or sick employee or to their family members (if in case the death has […]

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What is the Workmen Compensation Insurance Policy?

In today’s highly global work environment, employees’ rights have also become important. To safeguard organisations from the threat of costly lawsuits, insurers offer workmen’s compensation policy. It is an insurance policy which covers statutory liability of an employer for death, bodily injury or occupational diseases sustained to employees. It is also known as the ‘Employees […]

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What Does “All Employees Covered” Assumption Mean in WC Policy?

Most organizations purchase workmen compensation insurance as an annual contract. However, the number of workers in any organisation could keep changing throughout the year. Thus, any or both of the following two situations may occur at the time of a claim: Number of workers employed by the insured is different from what was provided at […]

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What Is Compressed Air Disease Covered Under a Workmen Compensation Policy?

Compressed air disease is one of the occupational illnesses covered under workmen compensation policy. It is a sickness attributed to the working environment where air pressure may be higher or lower than the normal surface air pressure. Workers employed at high altitude, or under water, or working with pressure generating equipment can be exposed to […]

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In a Workmen’s Compensation policy, what is the difference between fatal and non-fatal accidents?

In a Workmen’s Compensation policy, what is the difference between fatal and non-fatal accidents? Having a workmen’s compensation policy is mandatorily prescribed by law for all organisations which employ workmen for their business operations. It is the legal responsibility of the organisation to protect their workmen against physical or physiological injuries or death suffered during […]

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