What is the Definition of Exclusive Remedy?

What is the Definition of Exclusive Remedy?

Part of the social contract that forms the basis for workers compensation statutes under which employers are responsible for work-related injury and disease, regardless of whether it was the employee’s fault and in return the injured employee gives up the right to sue when the employer’s negligence causes the harm.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Exclusive Remedy?

What is the Definition of Exclusive Remedy?

You can find random definition and meaning of insurance terms below:

Meaning of Sewer Backup Coverage in Insurance Terms

An optional part of homeowners insurance that covers sewers.

Meaning of Soft Market in Insurance Terms

An environment where insurance is plentiful and sold at a lower cost, also known as a buyers’ market. (See Property/casualty insurance cycle)

Meaning of Solvency in Insurance Terms

Insurance companies’ ability to pay the claims of policyholders. Regulations to promote solvency include minimum capital and surplus requirements, statutory accounting conventions, limits to insurance company investment and corporate activities, financial ratio tests and financial data disclosure.

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