Alignment of a fracture without the site opened for surgical intervention. Three treatment methods for closed fractures exist: without manipulation, with manipulation, and with or without traction.
Insurance Encyclopedia
Closed Year
REINSURANCE: A year for which provisions for all future claims arising in the year are established. Also A year of account that has been closed into another year of account by means of a reinsurance to close contract. Historically most Lloyd’s syndicates have operated a three year underwriting account according to which the profit or loss of an underwriting account is determined by the managing agent 36 months after the beginning of that account which is always the start of a calendar year. According to this system the normal closure date of the 2014 year of account (which commenced on 1 January 2014) was 31 December 2016, with the calculation of the reinsurance to close as at that date being finalized in or about February/March 2016.
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Refer: “Reinsurance, Closed Year”
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UK: Where the accounting basis is for a two-year period or longer, a closed year is the year of account for which a result has been ascertained. This can only be done after providing for all outstanding claims. At Lloyd’s a year of account closes after 36 months, but this will end as Lloyd’s moves to annual accounting.
Closed-model HMO
See: closed panel program.
Closing
That portion of the insurance sales presentation when a prospective applicant has made a purchase commitment for insurance coverage and signs the sales proposal or application form.
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Completion of an insurance.
Closing a risk
The procedure for submitting accounting details to an underwriter who has written a risk. May be combined with a Policy signing procedure.
Closing an account
Making a Reinsurance provision to cover outstanding losses, so that reserves and profit can be released.
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Refer: “Reinsurance, Closing an account”
Closing Form
An instruction form completed by a reassured and sent to his broker giving closing details for a risk that the broker has placed on his behalf.
Closing instructions
An advice sent by a broker to an insurer who has taken a line on a slip specifying the actual proportion of risk allocated to the insurer and the actual premium receivable. If a slip is oversubscribed, the broker scales down and apportions the risk pro rata. See SHORT CLOSING.
Closing Particular
Final advice on full particulars of risk for which placement with reinsurer is completed.
Closing slip
See: Closing Instructions.