Economic Effects of Workers' Compensation in the United States: Private Insurance and the Administration of Compensation Claims.
Burton, John F, Jr
Using a sample of workers' compensation claims from New York, this article investigates the probability that the claimant and insurer will negotiate a settlement rather than adjudicate the claim; the size of the settlement, if settlement occurs; the size of the award if the claim is adjudicated; and factors determining the extent of the insurers claim adjustment efforts. The findings show that insurer adjustment activities increase settlement probability and that a 24-25 percent discount rate is required to equate lump sum settlements with the benefit stream paid by an adjudicated award. Copyright 1993 by University of Chicago Press.
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