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A. A/ A1 A2 A3 A4 A5 A6 A7 A8 A9 Aa Ab Ac Ad Ae Af Ag Ah Ai Aj Ak Al Am An Ao Ap Aq Ar As At Au Av Aw Ax
Arb Arc Are Arg Arh Ari Arm Arr Ars Art

AR

1. HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating a physician scarcity area. Use of this modifier affects Medicare payment. 2. Abbreviation for accounts receivable. See accounts receivable (AR).

Arbitrage

Financial transaction involving the simultaneous purchase and sale of identical or equivalent financial instruments in different markets in order to profit from price differences. Per-transaction profit is small but financial institutions such as banks and (re)insurers enter into large transactions at relatively low costs.

Arbitration

Proceeding for settling a dispute in which disputes are given to a third party or panel of experts to hear two sides of the story and who has power to make a legal binding decision for both parties on the case.

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US: Arbitration: A form of alternative dispute resolution where an unbiased person or panel renders an opinion as to responsibility for or extent of a loss.

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UK: An alternative to going to court for the settlement of a dispute. An independent arbitrator hears the case and makes an award in accordance with the Arbitration Act 1996. See ALTERNATIVE DISPUTE RESOLUTION.

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An alternative to litigation by submitting a dispute to the judgment of a specified number of disinterested persons called “arbitrators,” whose decision called an “award” is binding on the parties. (I)Form of Alternative Dispute Resolution (II) Alternative to court room litigation (III) Parties submit their disputes to a NEUTRAL third party called the Arbitrator (s) or Arbiter (s) for resolution (IV) Binding dispute resolution, equivalent to litigation in the courts.

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UK: an alternative to litigation for the settlement of insurance disputes; contracts often specify the place of arbitration in the event of a dispute.

 

 

 

 

Arbitration Clause

Language providing a means of resolving differences between the reinsurer and the reinsured without litigation. Usually, each party appoints and arbiter. The two thus appointed select a third arbiter, or umpire, and a majority decision of the three becomes binding on the parties to the arbitration proceedings.

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UK: A policy condition that commits the insured and the insurer to use arbitration as a means of settling disputes as to the amount of a claim liability otherwise being admitted. The clause does not appear in liability policies.

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A provision found in reinsurance contracts whereby the parties agree to submit their disputes to a non-judicial adjudication panel rather than a court of law, generally subject to selection criteria and procedures set out in the clause. The arbitration panel produces an award, ultimately enforceable by a court of law, binding both parties.

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The clause in an insurance policy that spells out how disagreements over a claim are settled. Generally, each party chooses an arbiter the arbiters agree on an umpire and these three agree on a resolution of the dispute. Under some clauses, an unsatisfied party may have the option to seek judicial relief following an arbitration finding.

 

 

Architects, Surveyors and Consulting Engineers Fee (in excess of 3% of the claim amount), Standard Fire and Special Perils Policy (Material Damage)

On payment of additional premium the expenses incurred towards Architects, Surveyors and Consulting/Engineers for plans, specification tenders, quantities and services in connection with the superintendence of the reinstatement for the building, machinery, accessories and equipment insured under the policy up to 7.5% of the adjusted loss is covered. However, this does not include any cost in connection with the preparation of the insured’s claim or estimate of loss in the event of damage by insured perils.

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the expenses incurred towards Architects, Surveyors and Consulting/Engineers for plans, specification tenders, quantities and services in connection with the superintendence of the reinstatement for the building, machinery, accessories and equipment insured under the policy up to 3% of the adjusted loss is covered. However, this does not include any cost in connection with the preparation of the insured’s claim or estimate of loss in the event of damage by insured perils.

 

 

Architects’, surveyors’ and consulting engineers’ fees

These fees are covered when relating to insured property damage either by making due allowance in the sum insured or by a special item. The fees are payable for plans, specifications, etc., and general supervision of rebuilding in the event of fire or other insured perils. Increasing the buildings sum insured by 12.5 per cent and the machinery sum insured by 7.5 per cent often provides cover, but insureds with very large sums insured may insure the fees on a first loss basis. Fees paid by the insured for preparing the claim are not covered.

Area Agency on Aging (AAA)

Local (city or county) organization, funded under the federal Older Americans Act, that plans and coordinates various social and health service programs for persons 60 years of age or more. These needs include adult day care, skilled nursing care/therapy, transportation, personal care, respite care, and meals. The network of AAA offices consists of more than 600 approved agencies.