This policy covers the legal liability of an employer to an unlimited extent, under the workmen's compensation Act, the fatal accidents act, and at common law. This liability devolves statutorily on the employer if his employee, falling under the purview of the definition of "workman", suffers death, bodily injury (both temporary and permanent), and disease arising out of and in the scope of his employment .
The policy covers legal liability of an employer under:
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The compensation is arrived at after taking into consideration the present wages of the workmen, age and future earnings factor and the nature of the injury (viz. type and extent of disablement, whether death ). After taking these factors into consideration the compensation payable is arrived.
Some factors that determine the premium are : The industry in which the company is engaged in, the wages of the workers and the claim ratio of the insured.
Yes. One can change the period of the policy by declaring the estimated wages and number of additional from a particular date till the expiry of the policy. At the end of the policy term, if the estimated wages are more than the actual wages, the insured can get refund of premium from the insurer and vice versa.
No. One can take policies having tenure less than a year.
The above FAQs have been designed in the Indian context and may or may not be valid for insured residing in other countries.