IMch12 - CHAPTER 12 Workers Compensation and Alternative...

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CHAPTER 12 Workers’ Compensation and Alternative Risk Financing WORKERS’ COMPENSATION INSURANCE Major Reform Insurance Methods Private Insurance State Funds and Federal Agencies Self-Insurance Evaluation of Insurance Methods Major Features of State Laws Employment Covered Income Provisions Survivor Benefits Medical Benefits Rehabilitation Benefits Benefits Experience Rating Retrospective Rating RISK MANAGEMENT AND WORKERS’ COMPENSATION Factors Favoring Self-Insurance Lower Administrative Expenses Cash Flow Benefits Claims-Conscious Management Factors against Self-Insurance Size of Firm Stability of Work Force Tax Consequences Availability of Services Excess Insurance Risk Management Application: Retrospective Insurance Plan Details of a Retro Plan Problems with Retros A Creative Alternative Risk Management Application: Self-Insuring Workers’ Compensation Payment Pattern Cash Flow Model Potential Problems Alternative Workers’ Compensation Risk Financing Strategies CAPTIVE INSURANCE COMPANIES Special Tax Status of Insurance Companies Operation of a Captive Onshore versus Offshore Captives Other Attributes of Captives Potential Problems of Captives 1
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KEY TERMS AND CONCEPTS Assigned risk plan Experience rating Retrospective rating Basic premium Experience modification factor Standard premium Captive insurer Liquidating damages Tax multiplier Excess insurance Loss conversion factor Workers’ compensation insurance
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IMch12 - CHAPTER 12 Workers Compensation and Alternative...

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