Building Code Administrators and Inspectors Florida Principle and Practice Licensure Practice Exam

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What percentage of interest is levied on overdue Workers' Compensation installments?

The correct answer is: 12%

The percentage of interest levied on overdue Workers' Compensation installments is set to encourage timely payments and to penalize late payments. In Florida, the established rate for overdue Workers' Compensation payments is indeed 12%. This rate is specified by Florida statutes and serves to protect both the employers and employees by ensuring that there is a financial incentive to meet statutory deadlines. This interest rate reflects the state's attempt to balance the interests of claimants seeking timely compensation and the financial realities faced by employers responsible for these payments. Understanding this regulation is crucial for professionals involved in building codes, as it relates to compliance and the financial aspects of the construction industry.