Payments Of Compensation

Categories: Economics,

Payments of compensation consist of current transfers paid by institutional units to other institutional units in compensation for injury to persons or damage to property caused by the former, but excluding payments of non-life insurance claims.They can be either compulsory payments awarded by courts of law, or ex gratia payments agreed out of court but they include only compensation for injuries or damages caused by other institutional units, or ex gratia payments made by government units or NPISHs in compensation for injuries or damages caused by natural disasters.