No contract, rule, or regulation shall exempt the employer from liability for the compensation fixed by this division, but nothing in this division shall:
(a) Impair the right of the parties interested to compromise, subject to the provisions herein contained, any liability which is claimed to exist under this division on account of injury or death.
(b) Confer upon the dependents of any injured employee any interest which the employee may not release by compromise or for which he, or his estate is in the event of such compromise by him accountable to dependents.
(Enacted by Stats. 1937, Ch. 90.)