Question: What Calculators Are Used For Workers Compensation?
Answer: Some calculators are used for simple calculations such as figuring out the number of days between dates, while others are very complex calculators that can literally save the user hours if they attempted to do it manually.
A good example of that would be doing a commutation calculation. Commutation is a statutorily prescribed method of doing a present value calculation for an indemnity annuity that's paid out over the course of time. Sometimes a client may want to do a lump sum settlement of their annuity but in order to do that the law requires you to perform a complex computation calculation to determine the exact present value payment of that lump sum and how it affects the subsequent annuity payment. If you were to do that calculation manually it would take you two hours because of all the steps the law requires.
Using our calculator saves all that time because all you have to do is input the data, which takes five to ten minutes. When you press the button it gives you all the necessary information that you need.
We also have calculators that perform permanent disability computations so that you convert a medical report into an indemnity value and various other calculators for the various calculations that the industry peoples use all the time. The calculations all relate to values and reserves on a claim. Both sides will use the calculators in their arguments on the value of a claim.
Answered by: WorkCompCentral
Categories: Workers Compensation Education Professional Training
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