New York Independent General Adjuster Practice Exam

Workers compensation insurance typically does not require a deductible because it is designed to provide benefits to employees who are injured on the job without the need for them to pay out of pocket before receiving benefits. The goal of this insurance is to ensure that injured workers can receive medical care and wage replacement promptly, as the policy is structured to address occupational hazards and provide immediate support to employees.

In contrast, health insurance, auto insurance, and homeowners insurance usually involve deductibles as part of their policy structure. A deductible is a specified amount of money that the insured must pay before the insurer begins to cover the costs of a claim. This mechanism encourages policyholders to share in the risk of potential claims and helps keep premiums manageable for insurance companies. In the case of workers compensation, the emphasis is on providing necessary coverage without the barrier of a deductible, facilitating quicker access to benefits for injured workers.