Moore: So You Think You Know WC?

Monday, October 17, 2022 | 0

Sharpen your e-pencils and get ready to increase your knowledge of this often overlooked line of insurance.

James Moore

Agents, adjusters, underwriters and any workers' comp personnel should be able to answer these questions. This website exists to expand your workers' comp knowledge, so let us start. Forward your scores to your co-workers and friends to impress them.

Set your timer for 20 or 30 minutes. These are not multiple choice, so move quickly.  Remember to do a search of this website to find your answers, or you may already know them.

The answers will appear here soon, but can be found in my articles on the J&L website and at National Council on Compensation Insurance and Workers' Compensation Insurance Rating Bureau.

The quiz

• Which state recently changed its workers' comp experience modification factor calculation? This is a semi-trick question. Bonus: What is the new equation? Why was it changed?
• What are standard exception codes? How are states and rating bureaus eliminating these lower-cost class codes?
• Name two monopolistic states for Workers' comp. What makes them monopolistic? Bonus: Which state was the last one to convert to an open market system from being monopolistic?
• Can a workers' comp court decision in one state affect other states?  Another semi-trick question.
• Sally was injured in a state with a seven calendar-day waiting period. The claim was compensable. Sally was out of work for 18 calendar days. Is Sally’s waiting period payable?
• Do self-insureds have their own experience modification factor? If so, what is it called?
• What are the six keys to workers' Comp savings? You will have to search the J&L website to find them.
• The first workers' comp system was located in _________.
• Did the Affordable Care Act mention workers’ compensation? If so, how many times?
• Does China have a workers' comp system for injured workers?

Bonus questions

• Which foreign country invests the largest amount of money in U.S. Treasury Bills? Why is that important to workers' comp insurance carriers?
• What was the date of the first article ever written on the J&L website? It was almost 15 years ago.

Good luck.

This blog post is provided by James Moore, AIC, MBA, ChFC, ARM, and is republished with permission from J&L Risk Management Consultants. Visit the full website at www.cutcompcosts.com.