Author Question: How does a surety bond differ from an insurance policy? What will be an ideal ... (Read 39 times)

arivle123

  • Hero Member
  • *****
  • Posts: 569
How does a surety bond differ from an insurance policy?
 
  What will be an ideal response?

Question 2

How are worker's compensation insurance premiums determined?
 
  What will be an ideal response?



bigsis44

  • Sr. Member
  • ****
  • Posts: 317
Answer to Question 1

An insurance policy is a two party-agreement in which the insurance company protects the insured from covered financial loss. A surety bond is a three-party agreement in which the surety guarantees the contractual performance of the purchased to a third party.

Answer to Question 2

Worker's compensation rates are determined based on the work classification of each employee as modified by the experience modification ratio or EMR. The EMR is based on the claims history of the construction company during the oldest three of the preceding four years.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

bigsis44

  • Sr. Member
  • ****
  • Posts: 317

 

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Did you know?

To combat osteoporosis, changes in lifestyle and diet are recommended. At-risk patients should include 1,200 to 1,500 mg of calcium daily either via dietary means or with supplements.

Did you know?

Approximately 70% of expectant mothers report experiencing some symptoms of morning sickness during the first trimester of pregnancy.

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

For a complete list of videos, visit our video library