Final answer:
The employer-paid benefit for medical expenses and lost wages due to work-related injuries or illnesses is Workers' compensation. It is a state-managed fund into which employers contribute by law to support injured or ill workers.
Step-by-step explanation:
The employer-paid benefit that compensates workers for medical expenses and wages lost due to work-related injuries or illnesses is Workers' compensation. Employers are required by law to contribute to workers' compensation insurance, which is a fund typically managed at the state level. This insurance is designed to support workers who are injured on the job or who suffer work-related illnesses by providing them with financial benefits. These benefits can include coverage for medical expenses and compensation for lost wages.
In contrast, other forms of insurance such as health insurance, disability insurance, and unemployment insurance serve different purposes. Health insurance provides coverage for various medical expenses, while disability insurance offers income protection to individuals who become disabled and are unable to work. Unemployment insurance is also distinct in that it provides temporary financial assistance to workers who have lost their jobs through no fault of their own and are actively seeking new employment.