Medical facility that is associated with a university and has an accredited program in various specialties of medical practice. It gives clinical experience to medical students while they deliver supervised medical care to patients.
Insurance Encyclopedia
Team and Vehicle Insurance
Includes insurance against loss through damage or legal liability for damage, to property caused by the use of teams or vehicles other than ships, boats, or railroad rolling stock, whether by accident or collision or by explosion of engine, tank, boiler, pipe, or tire of the vehicle, and insurance against the theft of the whole or part of such vehicle (California Insurance Code, Section 115).
Technical Account
The technical account is made up of: earned premiums les incurred claims (both adjusted for reinsurance as appropriate) less expenses (with an allowance for deferred acquisition costs as appropriate), plus any change in the statutory equalization reserves (as appropriate). Some of the investment income earned may be included in the technical account, it may all be included in the non-technical account.
technical component (TC)
Portion of a test or procedure (containing both a technical and a professional component) that pertains to the use of the equipment, supplies, materials, and the operator (technician) that performs it but does not interpret the results (i.e., electrocardiograph [ECG] machine and technician, radiography machine and technician, microscope and technician). When billing using CPT codes, a service that is TC only should not be billed with a two-digit modifier. See also professional component (PC) .
Technical insolvency
Impairment of an insurance company’s assets to the point where it no longer maintains the required margin of solvency but which would not make a non-insurance company insolvent.
Technical Profit
Profit on underwriting calculated without allowance for interest on insurer’s funds.
Technical Provision
Amount set aside on the balance sheet to meet liabilities arising out of insurance contracts, including claim provision (whether reported or not),provision for unearned premiums, provision for unexpired risks.
Technical provisions
the provisions and reserves shown in the regulatory return in respect of general insurance; the term is also used of the equivalent accounts provisions/reserves.
Technical qualifications
Skills that may be acquired through education and experience and make an individual suitable for a job or activity.
Technical reserves
Funds available to the insurer to meet future claims on insurance that has been underwritten. In the UK the reserves must include: the unexpired premium reserve; the unexpired risk reserve; outstanding claims reserve; reserve for claims incurred but not yet reported (IBNR). Common prudence might call for additional reserves, e.g catastrophe reserve.
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The accounting entries in the balance sheet which represent the insurer’s liabilities from the business which has been written. For example, UPR, URR, outstanding claims reserve, equalization reserve, etc. Also, See Also: “Policyholders funds.”