Search
 

Adjusting a wage insurance claim

Adjusters must learn to keep changing with the times

By Ken Brownlee, CPCU | Updated on August 01, 2016
Adjusters must continue to learn how to adjust new types of claims or risk becoming obsolete. (Photo: iStock)

There is a difference between unemployment insurance (part of the New Deal’s Social Security Act) and “wage insurance,” apparently a little-known private coverage sold by banks and some insurers (“IncomeAssure”) that applies to the difference between what a worker over 50 was earning before his or her job was eliminated by technology or sent overseas, as long as that job had been paying $50,000 a year or more.

The insurance money can be used to re-train the employee for different work, or simply pay the difference in wages, reported Robert J. Shiller in the March 13 New York Times, citing a study by Lori G. Kletzer of Colby College and Robert E. Latan of the Council on Foreign Relations. As state unemployment benefits are limited, such policies can pay up to 50 percent of a higher income worker’s prior wages before unemployment.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.