INDUSTRIAL INSURANCE Meaning and
Definition
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Industrial insurance refers to a type of insurance coverage that offers protection to workers or employees who are engaged in industrial activities. It is commonly known as workers' compensation insurance as it specifically targets individuals employed in industries such as manufacturing, construction, or production where there is a higher risk of occupational injuries or accidents.
The primary purpose of industrial insurance is to provide financial support to workers who suffer from injuries, disability, or diseases arising from their work environment. The coverage typically includes medical expenses, rehabilitation costs, lost wages, and compensation for permanent or temporary disabilities. In the unfortunate event of an employee's death, industrial insurance can also extend benefits to the worker's dependents, including funeral expenses and support for the family.
Industrial insurance is usually mandatory and required by law in many countries as it ensures that workers are adequately protected and compensated in case of work-related accidents or illnesses, regardless of fault. Employers typically pay insurance premiums to provide this coverage to their workers.
The insurance premium is calculated based on various factors, including the type of industry, the level of risk associated with the job, and the potential for accidents or injuries to occur. The premium cost can vary depending on the size of the workforce, location, and history of claims.
Overall, industrial insurance plays a crucial role in safeguarding the well-being and livelihoods of workers, providing them with financial security and assistance in times of need.
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A form of life insurance in which policies of small amounts are issued, the premium being paid in weekly or monthly installments.
A practical medical dictionary. By Stedman, Thomas Lathrop. Published 1920.
Common Misspellings for INDUSTRIAL INSURANCE
- i ndustrial insurance
- in dustrial insurance
- ind ustrial insurance
- indu strial insurance
- indus trial insurance
- indust rial insurance
- industr ial insurance
- industri al insurance
- industria l insurance
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- industrial in surance
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Etymology of INDUSTRIAL INSURANCE
The word "industrial insurance" can be broken down as follows:
1. Industrial: The term "industrial" comes from the Latin word "industria", which means "diligence, industry, or activity". It refers to activities related to manufacturing, production, or large-scale enterprises.
2. Insurance: The word "insurance" comes from the Old French word "ensurer" and the Latin word "securus", which mean "to assure" or "to make safe". The concept of insurance involves providing financial protection against potential risks or losses.
Therefore, the etymology of "industrial insurance" suggests that it is a form of insurance specifically designed to address the risks and needs of the industrial sector.
