Worker’s Comp:
a form of insurance that provides medical care and compensation for
employees who are injured in the course of employment in abrogating the
employee's right to sue their employer for the tort negligence. While
schemes differ between jurisdictions, provision can be made for weekly
payments in place of wages (functioning in this case as a form of
disability insurance), compensation for economic loss (past and future),
reimbursement or payment of medical and like expenses (functioning in
this case as a form of health insurance), general damages for pain and
suffering, and benefits payable to the dependents of workers killed
during employment (functioning in this case as a form of life
insurance). Cash benefits are established by state formulas with maximum
benefit level. The benefits are administered on a state level, primarily
by the state department of labor.