The cost of reconstructing accounts receivable documents that have been damaged or destroyed by a covered peril is covered. Furthermore, it encompasses any payments that are unable to be collected due to the inability to reconstruct records.
Insurance Encyclopedia
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
United Kingdom:
Procedure for enrolling an applicant as a Lloyd’s broker. Reaccreditation transpires following a three-year period. Before submitting an application to Lloyd’s, a UK applicant must receive authorisation from the FSA. The updated accreditation program permits foreign brokers to attain Lloyd’s broker status without the necessity of a UK-registered firm. International candidates must prove compliance with FSA-equivalent standards on the segregation of insurance funds, solvency, and professional indemnity insurance. There exist stipulations for reporting, oversight, grievance resolution, training and proficiency, as well as standards of conduct, all of which may consider regional stipulations.
United States, Healthcare:
1. Endorsement; an assessment procedure by which a curriculum or educational establishment is acknowledged by an outside organization for fulfilling specific established criteria. Accreditation can be either enduring or granted for a designated duration.
2. In reference to hospitals, it signifies that an institution adheres to specific quality benchmarks. These benchmarks are established by private, nationally acknowledged organisations that evaluate the quality of care (personnel and apparatus) in healthcare institutions typically every three years. Accreditation may be conferred by two entities: The Joint Commission (formerly referred to as the Joint Commission on Accreditation of Health Care Organisations [JCAHO]) and the American Osteopathic Association (AOA). Government entities at both the state and federal levels may acknowledge accreditation as a substitute for, or foundation of, licensure or other compulsory endorsements.
Also see certification.
Accreditation Association for Ambulatory Health Care (AAAHC)
The Accreditation Association for Ambulatory Health Care, also known as the Accreditation Association or AAAHC , was formed in 1979 to assist ambulatory health care organizations improve the quality of care provided to patients. AAAHC is the leader in ambulatory health care accreditation and accredits more than 2500 organizations in a wide variety of ambulatory health care settings including ambulatory and office-based surgery centers, managed care organizations, and Indian and student health centers. With a single focus on the ambulatory care community, the Accreditation Association offers organizations a cost-effective, flexible, and collaborative approach to accreditation. The Accreditation Association’s mission is to maintain its position as the preeminent leader in developing standards to advance and promote patient safety, quality, value, and measurement of performance for ambulatory health care through peer-based accreditation processes, education, and research.
Accreditation cycle for M+C deeming
Duration of the Centers for Medicare and Medicaid Services’ (CMS) recognition of the validity of an accrediting organization’s determination that a Medicare+Choice organization (M+CO) is “fully accredited.”
Accreditation for deeming
Some states use the findings of private accreditation organizations, in part or in whole, to supplement or substitute for state oversight of some quality-related standards. This is referred to as “deemed compliance” with a standard.
Accreditation for participation
State requirement that managed care plans must be accredited to participate in the Medicaid managed care program.
Accredited
To have a seal of approval. Being accredited means that a facility or health care organization has met certain quality standards. These standards are set by private, nationally recognized groups that check on the quality of care at health care facilities and organizations. Organizations that accredit Medicare Managed Care Plans include the National Committee for Quality Assurance, The Joint Commission, and the American Accreditation HealthCare Commission/Utilization Review Accreditation Commission (URAC).
Accredited advisor in insurance
An agent or other individual who has completed the three exams administered by the Insurance Institute of America.
Accredited hospital
A facility that 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 and the American Osteopathic Association (AOA). The Joint Commission has six levels—the lowest is not accredited and the highest is accredited with commendation. AOA has several levels, the lowest level being denial of accreditation and the highest being accreditation with resurvey within 3 years. State or federal governments can recognize accreditation in lieu of, or as the basis for, licensure or other mandatory approvals.
****
Official approval by The Joint Commission (TJC) that the hospital facility has met the quality and high standards after their scrutiny. TJC accredits clinics, hospitals, and other federal and military facilities. See Joint Commission, The .