Bench error

A mistake in the production process of a product that causes a loss. Such losses are usually covered.
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A term used in Product Insurance policies which describes a loss that occurs in the production process. For instance, if production workers mistakenly used the wrong ingredients in a chemical formula, a bench error has occurred. Bench errors are covered.
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UK: Product liability term describing an error or omission that occurs during manufacture or assembly. The risk of such errors underlies much of the demand product liability cover.

Benchmark

Sustained superior performance by a medical care provider, which can be used as a reference to raise the mainstream of care for Medicare beneficiaries. The relative definition of superior will vary from situation to situation. In many instances, an appropriate benchmark would be a provider that appears in the top 10% of all providers for more than a year. Factors that are looked at to determine what to benchmark are physician productivity, practice efficiency, revenue generation, coding performance, and collections. A practice management system can be used to generate reports on the most important factors at regular intervals.
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A benchmark is a claim reporting or payment pattern derived from external sources.

Benchmarking

Continual comparison measurement of a medical practice to those of the toughest competitor to find and implement methods to improve the business. There are three types: internal benchmarking, competitive benchmarking , and functional benchmarking . Internal is when similar processes in the same organization are compared. Competitive is when an organization’s processes are compared with the best medical practices within the industry. Functional refers to benchmarking a similar function or process in another industry (e.g., appointment scheduling).

Beneficiary

MEDICAL,USA: 1. Individual entitled to receive insurance policy or government program health care benefits. Enrollees in the Medicare and Medicaid programs are commonly referred to as beneficiaries . Also known as participant, subscriber, dependents, enrollee, recipient , or member . 2. Dependents eligible for TRICARE or CHAMPVA benefits. 3. Person named in the insurance policy or pension plan to receive the proceeds at the death of the insured (policyholder). Types of beneficiaries are: alternate beneficiary, contingent beneficiary, irrevocable beneficiary, primary beneficiary , revocable beneficiary, secondary beneficiary, successor beneficiary , and tertiary beneficiary .
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“A beneficiary is a person who is or may become eligible to receive benefits from an insurance policy or an annuity. There are several different beneficiary designations:Primary Beneficiary
The primary beneficiary is the first person named to receive benefits from an insurance policy or annuity. For example, a husband may name his wife as primary beneficiary of his life insurance policy.

Secondary Beneficiary or Contingent Beneficiary

This is the second person to receive benefits if the primary beneficiary is not alive or does not collect all available benefits. For example, a husband may name his wife as primary beneficiary on his life insurance policy and, if his wife predeceases him, his children as second or contingent beneficiaries.

A revocable beneficiary is one the owner of a life insurance policy or annuity has the right to change.

This is a beneficiary that cannot be changed by the policy owner without the permission of the beneficiary.

Irrevocable”
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US: A person named by the insured to receive the proceeds or benefits accruing under a life policy.
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UK: Party named in an insurance contract, including a life policy, to receive any benefit payment if the insured event occurs; usually, not always, identical with the policyholder. Also refers to a person who will benefit under a will.
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The person designated to receive the benefits of a policy.
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The person designed to receive the benefits of some transaction as the proceeds of an accident Insurance Policy. The person named in the Policy, to whom the Insurance Company offer evidence in support of the claim that has been submitted to the Company.