Author Question: How does a surety bond differ from an insurance policy? What will be an ideal ... (Read 69 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?

More than 2,500 barbiturates have been synthesized. At the height of their popularity, about 50 were marketed for human use.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

Did you know?

The types of cancer that alpha interferons are used to treat include hairy cell leukemia, melanoma, follicular non-Hodgkin's lymphoma, and AIDS-related Kaposi's sarcoma.

Did you know?

The average adult has about 21 square feet of skin.

For a complete list of videos, visit our video library