Use of a lost, stolen, or fraudulently obtained Medicare or Medicaid identification card to unlawfully procure federal or state benefits.
Insurance Encyclopedia
Beneficiary notification letter
Letter required with the Centers for Medicaid and Medicaid Services (CMS) administrator’s signature when Medicare beneficiaries are contacted to participate in a research project.
Beneficiary of benefits
See: beneficiary .
Beneficiary of trust
A person for whom a trust has been created and who will eventually receive the benefits of said trust.
Beneficiary, Contingent
The person or persons designated to receive the death benefit if the primary beneficiary dies prior to the death of the insured.Beneficiary, Irrevocable : A beneficiary that cannot be altered by the insured, the insured having relinquished the right to change the beneficiary designation.Beneficiary, Primary : The person or persons designated to receive the benefits under the policy.Benefit : Sum of money provided in an Insurance Policy to be paid for certain types of loss under the terms o an Insurance Policy, e.g., an accident Insurance Policy may provide that certain sum be paid for death, loss of limbs or sight of loss of time, These specified amounts are the benefits provided by the Policy.
Benefit
MEDICAL,USA: 1. Health care service that the insurance company agrees to pay to a claimant, assignee, or beneficiary under a health insurance policy or contract. 2. Amount of money an insurance company (payer) will pay for the medical care and services. See covered expenses or coverage . Also called the policy benefit .
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An amount paid to a beneficiary of an insurance policy, or the participant of a retirement plan.
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UK: an amount payable by an insurer as a consequence of liabilities assumed under an insurance contract.
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UK: Describes the amount to be paid upon the happening of the insured event. The benefit is agreed at the inception of the contract and, not being based on actual losses, is not subject to the principle of indemnity. See BENEFIT POLICY.
Benefit allocation method (Pensions)
A method of funding a pension. Only one premium payment is made per year and used to purchase a single benefit. This is done for each year of service to the employer. Usually, an annuity is purchased.
Benefit basis
A group life and/or pension scheme that varies the benefits for members according to categories of membership. Life cover for one category might be three times income, but four times for another. Each category is carefully defined in order to ensure that there is no discrimination against individuals.
Benefit booklet
See: benefit limitations and explanation of coverage (EOC) .
Benefit contract
See: benefit plan .