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Essay / Research Paper Abstract
This 3 page paper considers an ethnical dilemma faced by an insurance company. The paper outlines the case where payment of a claim has increased premiums, this increase in costs may for the company paying the premiums into administration. The paper looks at how the facts were gathered and a resolution reached. The bibliography cites 2 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEethworkcover.rtf
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Unformatted sample text from the term paper:
done this. Polly need to have full time care and is cared for by a company; Mary Jane (Polly) Johnston Pty Ltd (the company) which has policy number WDA0000609824 Mary
Johnson has set up this company to facilitate the funding and care of Polly at home. This is seen as desirable as Polly is in her own home and needs
this care. In the past she has been institutionalised where she suffered severe abuse. Former employee of the company, Janet Karen Jones, presumably employed to care for Polly, has
made a claim dated 15th of December 2001 on the WorkCover plan for stress nervous system. This claim has been accepted by WorkCover and was upheld when reviewed by QComp.
The difficulty arises with this claim, as once accepted WorkCover have reviewed the premiums that would be payable by Mary Jane (Polly) Johnston Pty Ltd following this claim.
It is usual for premiums on any insurance policy to increase when there is an increase perception of risk. The claim history indicates that there is an increased risk. The
premiums are increasing to such a level that the company cannot afford to pay tem and remain n existence. If the company has to pay these premiums it will force
the company into administration. If this occurs the impact on the personal lives will mean that the already abused patient will have to return to an institution with a
high degree of emotional distress to both Mary and Polly. This could also result in a high level of negative media coverage. The impact of WorkCover is that there will
be no more premiums coming in and the cost of paying the claim to Janet Karen Jones will have to be fully absorbed by the scheme. There is the
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