Workers Comp Test Answers – Last Week’s Test
These Workers Comp test answers came from last week’s test. In case, you missed the test, you can find it here. It is a True or False test. Go to the test using the link if you want to see the questions and try the test first.
If you do not agree with any of the workers comp test answers, please comment below or use the Contact Us link. We are trying to cover all 50 states, so there may be micro-exceptions. Links are provided for most of the test answers.
- False – Monopolistic Ohio allows certain employers to be self-insured. Even though Ohio heavily restricts any alternative insurance programs, you can find more info here on self-insurance at the Bureau of Workers Comp (BWC).
- False — Employers can request their Experience Modification info at any time. The WCIRB provides the request form here.NCCI Experience Mod sheet requests can be made by having an account or requesting by letter or by calling 1-800-NCCI-123.
- False — With very few exceptions, Occupational Accident policies are not accepted by any state as Workers Comp coverage for their employees. An Occ Acc policy can be a supplement to but not a substitution for coverage. A modified form of an Occ Acc policy may be accepted in Texas under certain conditions such as the Opt Out program. A few other states may allow them, but overall it is a bad risk management strategy to use them as WC policies.
- False – Large deductible Workers Comp insurance is technically not self-insurance. Even though the policy may seem like self-insurance, an insurance carrier must still provide the policy.
- True and False – One of the steps for increasing safety with an employer is to create or update its safety manual. The correct answer would be to create or update the whole safety program, not just the manual. So, the answer could be partially true.
- False – Surprisingly, COVID-19 workers comp claims only accounted for 65,000 claims nationwide (NCCI states) for accident years 2020 and 2021 combined. Due to the 18-month lag in final data reporting by insurance carriers to the rating bureaus, the data for 2022 Workers Comp COVID-19 claims will be fully reported and analyzed by 7/1/2023.
- True – New Jersey was the most expensive state according to WorkersCompOne. I had thought it would have been California. The least expensive was monopolistic North Dakota.
- True- An easy way for an employer to reduce workers comp costs is by joining and becoming active n an association of similar companies. J&L had found that when we examined our clients’ workers comp experience, the employers that had joined and were active in associations with similar employers seemed to have lower Experience Mods. The reason was never uncovered by us.
- True – it is called the Accident Curve. The return to work after an injury or after COVID-19 shutdowns will very likely show an uptick in accidents when employers reopened or started hiring more inexperienced staff.
- False – Many insurance industry workers have been successful without a college degree. Designations and years of experience can be a substitute for a college degree. J&L does not discourage anyone from obtaining a college degree.
- Bonus – False – I have seen so many versions of who or which state started Workers Comp. The most accurate answer is Ancient Sumeria from over 4,000 years ago. The Sumerians even had a permanent disability benefits schedule etched in stone tablets. Amazing fact.
- Bonus – Very True – As we turn into more of a global economy, nations such as Japan, China, and the UK all have an effect on the insurance markets. I mentioned those three as they hold a large amount of US Treasury Bills. If any one of those countries would start heavily buying or dumping T-Bills, then the banking and insurance markets would be extremely affected for a few years.
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