Business, Legal & Accounting Glossary
something (such as money) given or received as payment or reparation (as for a service or loss or injury).
Something, typically money, awarded to someone as a recompense for loss, injury, or suffering.
n. 1) payment for work performed, by salary, wages, commission or otherwise. It can include giving goods rather than money. 2) the amount received to “make one whole” (or at least better) after an injury or loss, particularly that paid by an insurance company either of the party causing the damage or by one’s own insurer.
A pecuniary remedy that is awarded to an individual who has sustained an injury in order to replace the loss caused by the said injury. More than one type of damages (e.g. direct, incidental, and punitive) may be awarded for a single injury.
Compensation is the money paid to the claimant(s) in a personal injury case after they win an injury case. It can include payment for lost wages (past and future), medical expenses (past and future), death benefits (lost wages and burial expenses) and pain and suffering. Compensation can also be paid by workers’ compensation or insurance companies after an injury or death due to an injury suffered by the deceased while performing their normal job functions. Compensation may also be paid in a wrongful death claim to certain beneficiaries (parents, spouse, minor child or estate) of the deceased.
In the US, compensation in a general sense can also be claimed from Government sources such as the Social Security Administration through disability insurance (SSDI), SSA retirement benefits or Supplemental Security Income (SSI). The amount and type of compensation awarded depends on a variety of factors such as work history, the earnings of the worker while they were employed and the amount of taxes paid through their employment to the Federal Government.
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This glossary post was last updated: 27th April, 2020 | 5 Views.