Administrator or supervisor of the medical billing and collections department, which may or may not include diagnostic and procedural coding.
Insurance Encyclopedia
Billing provider
Provider (physician, clinic, group) who submits an insurance claim for reimbursement for services rendered to a patient.
Billing service
Company that charges a fee for billing patients, collecting on accounts, and submitting insurance claims to insurance plans for physicians and/or suppliers.
Billing specialist
Professional practitioner who carries out claims completion, coding, and billing responsibilities in accordance with legal state and federal regulations and third-party payer guidelines. He or she may or may not perform managerial and supervisory functions; also known as an insurance claims processor, medical biller, or reimbursement specialist. Also see medical insurance billing specialist .
Billing statement
See: itemized billing statement .
Binder
A binder is a temporary authorization of coverage issued prior to the actual insurance policy. Binders should outline the same basic information the declarations page of the insurance policy including the name of the insured, the type of insurance coverage, the amount of coverage, coverage forms that will be attached to the actual policy and the name of the insuring company.Binders may be issued by an authorized agent or by the insurance company. A binder for property and casualty insurance binds the insurance company in the same manner as if a policy had been issued. Life insurance binders generally have a maximum that varies from company to company. Additionally, a life insurance binder is often not valid unless the insured would have been accepted at standard rates. Binders are not issued for health insurance.
***
US: A legal agreement issued by either an agent or an insurer to provide temporary evidence of insurance until a policy can be issued. Binders should contain definite time limits, should be in writing, and should clearly designate the insurer with which the risk is bound. They should also indicate the amount of insurance, the type of policy, and (in the case of property insurance) the perils insured against.
***
REINSURANCE: A record of reinsurance arrangements pending the issuance of a formal reinsurance contract which then replaces the binder.
***
A temporary measure that provides coverage before a contract is finalized or before premiums are paid.
***
A temporary or preliminary agreement which provides coverage until a policy can be written or delivered.
***
US: A written or oral contract issued temporarily to place insurance in force when it is not possible to issue a new policy or endorse the existing policy immediately. A binder is subject to the premium and all the terms of the policy to be issued.
***
REINSURANCE: An interim short form contract evidencing coverage, pending issuance by a formal reinsurance contract. See Placement Slip and Cover Note.
***
Preliminary agreement by an underwriter, or Agent or broker with binding authority, to provide specified coverage until a Policy can be delivered. A temporary agreement that coverage is in effect.
Binding authority
An agreement between a Lloyd’s managing agent and a coverholder under which the Lloyd’s managing agent delegates its authority to enter into a contract or contracts of insurance to be underwritten by the members of a syndicate.
***
UK: An agreement whereby an insurer or reinsurer delegates underwriting authority to another party known as a coverholder, usually a broker or underwriting agent. Binding authorities assume a particular importance at Lloyd’s as a means of enabling coverholders at home and abroad to accept risks for syndicates while circumventing the rule about business only in the Room. Regulations at Lloyd’s lay down procedures for the registration of binding authorities and the approval of coverholders.
***
An authority given by an insurer to an agent to accept risks on the insurer’s behalf.
***
The authority extended to an agent by an insurer to provide insurance, usually on a temporary basis, until a policy can be written.
Binding Clause
A clause in the SG form of marine policy in which the underwriters bind themselves and specify their respective liabilities.
Binding receipt
A receipt given by a company upon a policy applicant’s first premium payment. The policy, if approved as applied for, is effective from the date of receipt.
***
US: A receipt given for a premium payment accompanying the application for insurance. If the policy is approved, this binds the company to make the policy effective from the date of the receipt.
***
MEDICAL,USA,REFERENCE: See: temporary insurance agreement (TIA) .
Binding receipt (Property Insurance)
Proof of a temporary contract, which forces a property insurance company to provide coverage, provided that a premium is paid with the application. For the definition as it applies to health or life insurance, see Conditional receipt .