Attempting to meet all of a client’s insurance needs rather than meeting only a portion of those needs.
Insurance Encyclopedia
accountable health plan (AHP)
A managed competition component that serves as both a provider and an insurer (payer) of health care services. AHPs compete with one another to provide the most cost-effective benefits package while also providing the highest quality of care. AHPs have preventive programmes and place an emphasis on wellness. These health plans are owned, operated, or contracted with by providers.
Also called Accountable health partnership (AHP), integrated delivery system (IDS), integrated health system (IHS), integrated health delivery system (IHDS), community accountable healthcare network (CAHN), integrated service networks (ISN), health purchasing alliance (HPA), community care network (CCN), and organised delivery systems.
Accountants clause
A clause in a business interruption policy which indemnifies the insured in respect of the cost of an accountant’s fee in respect of preparing and submitting the claim. Without the clause, the cost falls upon the insured.
Accounting Classes
A category of insurance business used for the purpose of statutory returns, for which separate figures must be provided at specific points in the regulatory return submitted to the Financial Services Authority. Some accounting classes consolidate several general business classes, while others represent subdivisions of one or more classes.
Accounts and Statements Rules
the requirements for making returns to the Financial Services Authority, commonly referred to as the regulatory return, to be found in the Interim Prudential Sourcebook for Insurers (see Integrated Prudential Sourcebook).
Accounts receivable (A/R) transaction
Miscellaneous Medi-Cal accounting transactions as a result of cost settlements, state audits, or refund checks received by the fiscal intermediary.
Accounts receivable (AR)
1. Total amount of money owed by patients to a business for professional services rendered by a provider or medical group. 2. Money owed to a hospital facility from patients, insurance companies, managed care plans, and government programs.Also See day sheet.
Accounts receivable coverage
Pays for the cost of reconstructing accounts receivable records that have been damaged or destroyed by a covered peril. Even more importantly, it covers any payments that cannot be collected because records cannot be reconstructed.
Accounts Receivable Insurance
Accounts receivable insurance protects a business from losses arising due to an inability to collect outstanding receivables caused by the direct loss, damage, or destruction of accounting records by an insured peril. Coverage typically includes reimbursement for receivables that become uncollectible because the records cannot be reconstructed, as well as any extra expenses incurred to recover or reconstruct these records. It also commonly covers interest payments on loans necessary to bridge the period during which collections are reduced. For instance, if a fire destroys an automotive repair shop’s invoices and customers refuse to pay because records can’t be reconstructed, accounts receivable insurance covers these losses. Keeping duplicate records safely stored off-premises is a highly recommended practice, significantly reducing coverage costs. Additionally, insurance can be arranged to protect both electronic and paper records.
Accreditation
The process by which a firm may obtain registration as a Lloyd’s broker.
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US, MEDICAL: 1. Seal of approval; evaluative process whereby a program of study or an institution is recognized by an external body as meeting certain predetermined standards. Accreditation may either be permanent or may be given for a specified period of time. 2. Related to hospitals, it means that a facility meets certain standards of quality. These standards are set by private, nationally recognized groups that check on the quality of care (staff and equipment) at health care facilities usually every 3 years. Accreditation can be awarded by two organizations: The Joint Commission (formerly known as Joint Commission of Accreditation of Health Care Organization [JCAHO] ) and the American Osteopathic Association (AOA). State or federal governments can recognize accreditation in lieu of, or as the basis for, licensure or other mandatory approvals. Also see certification.
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Process of registering an applicant as a Lloyd’s broker. Reaccreditation occurs after three years. Prior to applying to Lloyd’s a UK-based applicant must be authorised by the FSA. The new accreditation scheme allows overseas brokers to become accredited Lloyd’s brokers without having a UK-based registered company. Overseas applicants have to demonstrate that they meet FSA-equivalent requirements in the matters of insurance money segregation, solvency and professional indemnity insurance. There are also requirements for reporting, monitoring, complaints handling, training and competence and codes of practice, all of which may take account of local requirements.