Terms Used In Louisiana Revised Statutes 23:1400

• Accepted risk: means an employer, other than one eligible for a preferred risk policy, who in good faith attempts to procure or retain workers' compensation insurance but is unable to do so through ordinary methods in the voluntary market from an admitted insurer with a minimum "A-" A. See Louisiana Revised Statutes 23:1392
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corporation: means the Louisiana Workers' Compensation Corporation. See Louisiana Revised Statutes 23:1392
• Good faith: means honesty in fact in any conduct of a transaction. See Louisiana Revised Statutes 23:1392
• Preferred risk: is a n employer who is a Louisiana resident, partnership, or corporation domiciled in this state whose workers' compensation insurance policy meets either of the following conditions:

  (a)  The prospective annual premium is less than five thousand dollars during the succeeding twelve months; the governing classifications of the policy would be in hazard group I, II, or III, as determined in retrospective rating plans approved by the commissioner of insurance; and the employer can demonstrate that its loss ratio has not exceeded seventy-hundredths during the most recent three policy years. See Louisiana Revised Statutes 23:1392