Under the Medicare program, this is a yearly assessment report of a provider who contracts to render medical services to Medicare beneficiaries.
Insurance Encyclopedia
Annual cost of living increase
Social Security benefits and supplemental security income payments increased each year to keep pace with increases in the cost of living (inflation).
Annual deductible
See: deductible.
Annual election period (AEP)
For Medicare beneficiaries, this is a time of year, during the month of November, in which all Medicare+Choice health plans are open and accepting new members. Enrollment begins the following January. See election period.
Annual Expected Loss
See: “Loss, probable yearly aggregate.”
Annual maximum
Highest dollar amount that an insurance company will pay on all claims experienced in 1 year for an insured as stated in the insurance contract.
Annual payment
A sum of money paid out every year, such as an annuity.
Annual pensions estimate/benefit statement
Statement issued each year of the benefits a member has earned and, based on forecasts, it estimates the pension benefits at retirement age.
Annual percentage rate (APR)
This is the official formula for measuring the price of money the true interest rate. APR is the total credit cost expressed as an annual percentage rate of charge.
Annual Policies (Marine)
An annual Policy is issued in respect of goods that belong to the insured and/or held in trust by him but not under a contract of sale or purchase. The depots must be owned or hired by the insured. An annual Policy may also be issued in respect of goods, owned by the insured and deliverable to specified dealers premises. Sum insured will be the aggregate maximum estimated value in transit (in land- both rail and road) at any one time of all goods in respect of a specified transit. When several specified transits are carried under the Policy, the maximum estimated value in transit at any one time will be the sum insured. As and when a claim is paid the sum insured will be reduced by the claim paid. This amount has to be reinstated by payment of additional premium.