What is the definition of Exclusive Remedy?
An Exclusive Remedy refers to the portion of the social contract that provides the basis for the rules that govern the workers compensation.
With an exclusive remedy, the employee essentially gives up his right to sue the employer for any work-related disease or injury even when the injury may be a result of the employer's negligence or fault. This means that the Workers Compensation Benefits would be where the injured employee can get payment for his claims. These claims include medical care, lost wages, and medical rehabilitation.
However, if the employer failed to cover the employee with workers' compensation insurance or it is proven that the employer intentionally caused harm to the employee, the injured employee may sue the employer.
The employee may bring a personal injury lawsuit for injury occurring on someone else's premises, product liability actions and injury caused by a third party on the Employer's premises.
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- Expense Ratio
- Experience
- Exposure
- Extended Coverage
- Extended Replacement Cost Coverage
- Extended Term Insurance Option
- Face Amount
- Facultative Reinsurance
- Fair Access to Insurance Requirements Plans / Fair Plans
- Family Benefit Coverage
- Exclusive Agent
- Exclusion
- Excess of Loss Reinsurance
- Excess and Surplus Lines
- Escrow Account
- Errors and Omissions Coverage (E&O)
- Equity Indexed Annuity
- Equity
- Environmental Impairment Liability Coverage
- Endowment Insurance