A fund set up by a state government to finance a mandatory insurance system such as workers' compensation, nonoccupational disability benefits, or (in Wisconsin) state-offered life insurance. It may serve as a monopoly or as an alternative to a private insurance carrier.
Workers’ compensation insurance (often called “workers’ comp”) provides benefits for workers who are injured as a result of their work. By law, Oregon employers must carry workers' compensation insurance or be self-insured. Workers’ compensation insurance protects workers by paying for medical treatment and lost wages, and it protects employers by shielding them from liability lawsuits that might result from work-related injuries or illnesses.