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Benefits, Costs, and Cycles in Workers’ Compensation

  • Book
  • © 1990

Overview

Editors:
  1. Philip S. Borba

    1. Milliman & Robertson, Inc., New York, USA

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    You can also search for this editor in PubMed   Google Scholar

  2. David Appel

    1. Milliman & Robertson, Inc., New York, USA

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    You can also search for this editor in PubMed   Google Scholar

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Table of contents (7 chapters)

  1. Front Matter

    Pages i-xv
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  2. Have Increases in Workers’ Compensation Benefits Paid for Themselves?

    • Michael J. Moore, W. Kip Viscusi
    Pages 1-22

  3. Heterogeneity Bias in the Estimation of the Determinants of Workers’ Compensation Loss Distributions

    • John D. Worrall, Richard J. Butler
    Pages 23-43

  4. Workers’ Compensation Disability Benefits during Retirement Years: Proper and Present Role

    • C. Arthur Williams Jr., Peter C. Young
    Pages 45-77

  5. Rehabilitation and Workers’ Compensation: Incompatible or Inseparable?

    • Monroe Berkowitz
    Pages 79-114

  6. Mostly on Monday: Is Workers’ Compensation Covering Off-the-Job Injuries?

    • Robert S. Smith
    Pages 115-127

  7. Premium and Loss Cycles in Workers’ Compensation

    • Richard J. Butler, John D. Worrall
    Pages 129-162

  8. Discounted Cash-Flow Ratemaking Models in Property—Liability Insurance

    • J. David Cummins
    Pages 163-181

  9. Back Matter

    Pages 183-186
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About this book

Workers' compensation insurance presents a set of institutional charac­ teristics that are unique. For every other form of insurance, both the insurer and the coverage provided under the policy are completely controlled either by the federal or a state government, or by an arrangement between the insured and a property-casualty insurer. Unemployment insurance, Social Security, and bank-deposit insurance are examples for which a legis­ lative body sets the benefits. and a government agency prescribes the in­ surance premium. By contrast, the coverage and premiums for automobile, homeowners, and fire insurance are individual contractual arrangements between a policyholder and one of the more than 1800 U. S. property­ casualty insurance companies. Workers' compensation insurance, however, is a hybrid in which state legislatures stipulate the terms of coverage, while regulated competition is the major determinant of prices. State legislatures enact statutes that prescribe the replacement rate and duration of indemnity benefits, as well as full reimbursement of medical expenses. And although the manual rates for workers' compensation insurance continue to be administered by a prior approval process in most states, the competitive-market price for coverage is achieved through a variety of price-modification plans (Appel and Borba, 1988).

Editors and Affiliations

  • Milliman & Robertson, Inc., New York, USA

    Philip S. Borba, David Appel

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