Hawaii Revised Statutes 386-126 – Insolvency of employer not to release insurance carrier
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Terms Used In Hawaii Revised Statutes 386-126
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Compensation: means all benefits accorded by this chapter to an employee or the employee's dependents on account of a work injury as defined in this section; it includes medical and rehabilitation benefits, income and indemnity benefits in cases of disability or death, and the allowance for funeral and burial expenses. See Hawaii Revised Statutes 386-1
- Contract: A legal written agreement that becomes binding when signed.
- Employee: means any individual in the employment of another person. See Hawaii Revised Statutes 386-1
- Employer: means any person having one or more persons in the person's employment. See Hawaii Revised Statutes 386-1
Every policy and contract shall contain a provision to the effect that the insolvency or bankruptcy of the employer and the employer’s discharge therein shall not relieve the insurance carrier from the payment of compensation for an injury suffered by a covered employee during the life of the policy or contract.