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- Title
LUMP-SUM AWARDS IN WORKERS COMPENSATION: REPLY.
- Authors
Schmit, Joan T.
- Abstract
This article presents a reply to the comments by critics Shows, Power and Johnson (SPJ) over the article "Lump-Sum Awards in Workers' Compensation," written by Joan T. Schmit previously published in "The Journal of Risk and Insurance" in the U.S. Schmit argues that her wonderment, however was not so much that any or all of these parties would prefer certain aspects of lump sums over periodic payment, but rather, was that legislators and industrial commissions would permit so many lump sums when the social good appears hurt by such action. The author claims the relevance of her views to the critic's quote of Larson. A major change was suggested by SPJ to be included in Schmit's paper regarding the administrative desirability to insurers of lump summing. However, there are some indications that lump sums result in higher initial administrative expenses than do findings and awards. Thus, administrative expenses are not necessarily reduced through lump summing. The author expressed gratitude for the interest of SPJ in reading her article and hopes that this answer to their comment will satisfy their concerns.
- Subjects
UNITED States; LUMP sum distributions (Pensions); WORKERS' compensation; EMPLOYERS' liability; INSURANCE; PERIODICALS
- Publication
Journal of Risk & Insurance, 1988, Vol 55, Issue 4, p740
- ISSN
0022-4367
- Publication type
Article
- DOI
10.2307/253150