A Lloyd’s broker.
Insurance Encyclopedia
Accredited record technician (ART)
See: Registered Health Information Technician (RHIT).
Accredited Standards Committee X12 (ASC X12)
Organization accredited by the American National Standards Institute (ANSI) for the development, maintenance, and publication of electronic data exchange national standards. Also called X12.
Accrete
1. Medicare term that means the addition of new enrollees to a health plan. 2. In managed care plans, this is an enrollment term. 3. In accounting, this term means accrue.
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The process of adding new members to a health insurance policy.
Accrual
Funds set aside for a benefit plan’s expenses by estimating data of the claims system and the plan’s prior history.
Accrual accounting
Accounting method that requires business organizations to report income in the period earned and to deduct expenses in the period incurred.
Accrual Basis
Means the revenues are recorded in the period earned (regardless of when collected) and expenses are recorded in the period incurred (regardless of when cash was paid out).
Accrual rate
The rate (e.g. 1/60th) at which the pension benefit increases for each year of pensionable service in a defined benefit scheme. See ACCELERATED ACCRUAL.
Accruals concept
A pensions term referring to the accounting practice whereby revenues and costs are recognised as they are earned or incurred, rather than when money is received or paid out.
Accrue
1. When a right is vested in a person, that right is said to accrue (to go) to the benefit of that person. 2. To report a transaction in the time period to which its effect relates.