A pension scheme where the benefit for each year of membership is related to the pensionable earnings for that year.
Insurance Encyclopedia
Average irrespective of percentage
Marine insurance term meaning that loss or damage due to an insured peril can be claimed in full without a franchise having been reached or a deductible applied.
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Broadest “with average” clause. Losses by insured perils are paid regardless of percentage.
Average length of stay (ALOS)
See: arithmetic mean length of stay (AMLOS) .
Average Length of Stay, (ALOS) Health
The total number of patient days divided by the number of admissions and discharges during a specified period of time. This gives the average number of days in the hospital for each person admitted.
Average market yield
Computation that is made on all marketable interest-bearing obligations of the United States. It is computed on the basis of market quotations as of the end of the calendar month immediately preceding the date of such issue.
Average monthly earnings (AME)
Formula for finding the AME is to divide the total earnings in a computation year by the number of months in those same years. This dollar amount (AME) is used to calculate a worker’s monthly Social Security benefit.
Average payment rate (APR)
Amount of money the Centers for Medicare and Medicaid Services (CMS) could pay a health maintenance organization (HMO) for services given to Medicare beneficiaries under a risk contract.
Average Rate
A rate for a policy established by multiplying the rate for each location by the value at that location and dividing the sum of the results of the total value.
Average rate insurances
When dealing with very large risks, fire insurers may charge a flat rate for all buildings and contents. The rate – an ‘average’ – is presumed to take account of the good and bad features of each risk. Contrary to the practice with blanket policies separate sums insured are set against each separate risk.
Average resources
Relative volume and types of diagnostic, therapeutic, and hospital/facility bed services used in managing a particular illness.