The Lloyd’s Corporation oversees and supports the Lloyd’s market, ensuring it operates efficiently and retains its reputation as the market of choice for specialist insurance and reinsurance risk. The Corporation of Lloyd’s oversees and supports the market, and promotes Lloyd’s around the world. This includes determining the capital that members must provide to support their proposed underwriting, working with the management of underperforming syndicates to improve performance, undertaking financial and regulatory reporting for the Lloyd’s market, managing and developing Lloyd’s global network of licenses and the Lloyd’s brand. It comprises many different teams, from International Markets and Business Development to Claims and Market Operations. These teams work together to promote Lloyd’s around the world, raise performance and manage Lloyd’s worldwide licenses. Maintaining and developing the attractiveness of the market. Managing and developing Lloyd’s global network of licenses and the Lloyd’s brand. Taking action in the long-term interests of the market.
Insurance Encyclopedia
Correct Coding Council
See: National Correct Coding Council (NCCC) .
Correct Coding Initiative (CCI)
Federal legislation implemented in 1996 that attempts to eliminate unbundling or other inappropriate reporting of procedural codes for professional medical services rendered to patients. The quarterly updated code list identifies services considered either an integral part of a comprehensive code or mutually exclusive of it. Also known as National Correct Coding Initiative (NCCI).
Correct Coding Initiative (CCI) edits
Procedure/service code edits annually published to guide providers in appropriate choice of code(s) to submit for Medicare Part B insurance claims. There are two main types: comprehensive/component edits and mutually exclusive edits.
Correction
To fix an error by adding data to a patient’s existing chart or progress note by including the date, data, and signature of the individual making the correction.
Correctional institution
Penal facility, jail, reformatory, detention center, work farm, halfway house, or residential community program center operated by, or under contract to, the United States, a state, a territory, a political subdivision of a state or territory, or an Indian tribe, for the confinement or rehabilitation of persons charged with or convicted of a criminal offense or other persons held in lawful custody (i.e., juvenile offenders, aliens awaiting deportation, persons committed to mental institutions through the criminal justice system, witnesses, or others awaiting charges or trial).
Correctionist
See: medical editor (ME).
Correspondence
All documented communication that relates to the handling of an insurance claim (e.g., medical reports, test results, chart notes, electronic messages).
Correspondent Bank
A bank that in its own country handles the business of a foreign bank.
Corridor
1. Required difference between a universal life insurance policy’s death benefit and the policy’s cash value. This difference is a specific percentage according to the insured’s age. If a policy’s cash value exceeds the required percentage of the death benefit (intrudes on the corridor), the policy is considered an investment contract instead of an insurance contract. Also called TEFRA corridor. 2. In reinsurance, an amount of insurance that is in excess of the ceding company’s retention limit but is less than the reinsurer’s minimum cession.