Employer's Liability Insurance

Visão Geral

Every workplace carries the risk that someone will be hurt doing their job: a welder inhaling fumes, a mason falling from scaffolding, a machine operator losing a finger. When that happens, who pays, and how much? Employer's liability insurance answers the first question, and Nigeria's Employees' Compensation Act answers the second. Together they decide whether an injured worker, or the family of one who dies, walks away with nothing or with a fair settlement.

In this lesson you will learn what employer's liability insurance is for and the legal duty it protects, why it is compulsory, and the two routes by which an injured Nigerian worker is compensated. You will meet the Employees' Compensation Act 2010 and the fund that runs it, work out the benefits payable when an employee is disabled or killed, and learn exactly which perils the cover responds to. These are marks WAEC awards every year.

Objetivos

  1. Explain the purpose of employer's liability insurance and the legal duty it supports
  2. Describe employees compensation and state the benefits payable
  3. Identify the perils covered by an employer's liability policy
  4. Explain the statutory basis of employees compensation in Nigeria

Nota de Aula

Musa welds steel on a building site in Lagos. One morning a poorly guarded grinding wheel shatters and a fragment blinds him in one eye. He can no longer do the only work he knows. His employer is a small contractor with little cash to spare. Does Musa simply bear the loss himself? He does not, and the reason is that the law places a duty on his employer to keep him safe, backs that duty with a compulsory insurance, and provides a statutory fund that pays him even if the contractor cannot. Understand how those three pieces fit together and you understand this entire topic.

Avaliação da Lição

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  1. The main purpose of employer's liability insurance is to cover the: A. Employer's own medical bills when the employer is injured B. Employer's legal liability to compensate an employee injured in the course of employment C. Loss of profit while an injured employee is off work D. Cost of replacing damaged machinery Answer: B
  2. Which law currently governs the compensation of injured workers in Nigeria? A. The Workmen's Compensation Act B. The Insurance Act 2003 C. The Employees' Compensation Act 2010 D. The Pension Reform Act 2004 Answer: C
  3. The fund that administers employees compensation in Nigeria is the: A. National Insurance Commission (NAICOM) B. Nigerian Social Insurance Trust Fund (NSITF) C. National Pension Commission (PenCom) D. Chartered Insurance Institute of Nigeria (CIIN) Answer: B
  4. Under the Employees' Compensation Act, the employer's contribution to the fund is: A. 1% of total annual payroll B. 5% of total annual payroll C. 6.5% of the employee's basic salary D. 10% of the employee's basic salary Answer: A
  5. A deceased worker earned ₦150,000 a month and left a spouse and three children wholly dependent on him. The monthly death benefit is 90% of remuneration. How much is payable each month? A. ₦90,000 B. ₦127,500 C. ₦135,000 D. ₦150,000 Answer: C

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Perguntas Anteriores

Pergunta-se como são as perguntas anteriores sobre este tópico? Aqui estão várias perguntas sobre Employer's Liability Insurance de anos passados.

WAEC SSCE - Insurance - 2015

Pergunta 1 Relatório

(a)Define the term employer's liability in insurance.

(b)State three benefits that can be covered under employer's liability.

(c)State three causes of business interruption.

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