What is second injury fund in SAP FS-CM - Claims Management?

SAP Term: second injury fund

• Component: FS-CM

• Component Name: Claims Management

• Description: A fund, available in some US states, that helps pay worker's compensation benefits when a pre-existing injury combines with a subsequent injury to produce disability greater than that caused by the second injury alone.

Smart SAP Assistant

• Key Concepts: 
  Second Injury Fund (SIF) is a program that provides financial assistance to employers who hire workers with pre-existing disabilities. It is designed to help employers cover the costs of additional medical expenses and lost wages due to the employee's disability. The program is administered by the state and funded by employers who pay into the fund. 
  
  How to use it: 
  The Second Injury Fund is used by employers to help cover the costs associated with hiring a worker with a pre-existing disability. Employers can apply for assistance from the fund if they have hired a worker with a disability and are facing additional medical expenses or lost wages due to the employee's disability. 
  
  Tips & Tricks: 
  It is important for employers to be aware of the Second Injury Fund and its requirements before applying for assistance. Employers should also be aware of any state-specific requirements that may apply to their application. 
  
  Related Information: 
  The Second Injury Fund is part of the FS-CM Claims Management component of SAP software. It is designed to help employers manage the costs associated with hiring workers with disabilities. For more information on this component, please refer to SAP's official documentation.