Household contents insurers may give discounts to insureds who install and maintain an intruder alarm approved by NACOSS the National Approval Council for Security Systems. It is common practice in commercial policies to include an intruder alarm warranty requiring the installation and maintenance of a NACOSS approved alarm. The alarm system has to be kept in operation.
Insurance Encyclopedia
Approved amount
See: approved charge.
Approved charge
1. Maximum dollar value the commercial private insurance company or managed care contract assigns to each procedure or service on which payment is based. Typically, a percent (e.g., 80%) of the allowed amount is paid by the insurance carrier. 2. Allowed amount based on the Medicare fee schedule or its transition rules, which may or may not be the same as the actual amount billed. The patient may or may not be responsible for the difference. Nonparticipating physician charges are subject to the limiting charge. 3. Also called the allowed amount or approved amount. See also Medicare-approved amount, maximum allowable, and maximum allowable charge (MAC).
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Amounts paid under health insurance as the maximum fee for a covered service.
Approved health care facility
1. Medical facility authorized to provide medical services and specific health care services stated in managed care contracts. 2. Hospital authorized to treat and admit beneficiaries of the Medicare program. Also known as approved health care hospital .
Approved health care hospital
See: approved health care facility.
Approved health care program
Medical program certified or endorsed to provide services to members of a managed care plan or beneficiaries of a federal program (e.g., Medicare, TRICARE).
Approved merchandise or H/C
Merchandise approved by an insurer for cover under an open cargo policy on the terms and conditions agreed. Other goods are ‘held covered’ subject to the payment of an additional premium.
Approved occupations/recognised occupations
IR list of occupations (e.g. professional footballers, jockeys) whose members can receive a pension prior to age 50, e.g. the lowest age, 35 for footballers, reflects short careers.
Approved packing
Packaging meeting the packaging industry standards of sufficient design and construction to protect the cargo from the normal hazards expected during the intended voyage. This includes hazards associated with normal domestic handling and storage from point of origin to final destination.
Approved person
A person upon whom the FSA has conferred approved person status, allowing them to undertake a controlled function, having passed the fitness and propriety test (FIT). Approved persons must abide by the Statement of Principles and Code of Practice for Approved Persons. See SIGNIFICANT INFLUENCE (www.fsa.gov. uk).
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An individual who has been approved by the Financial Conduct Authority (FCA) to perform a FCA controlled function for an authorised person.