A method that Directs the risk manager to select the tool that would produce the lowest average tangible rupee outlay in the long run.
Insurance Encyclopedia
Expected Value
Arithmetic mean of all possible outcomes of a specified future event, such as annual amounts of incurred or insured losses, if all possible outcomes are equally probable, their expected value is their sum divided by the number of possible outcomes. If all possible outcomes are not equally probable, each outcome must first be weighted (multiplied) by its probability, then the sum of these weighted outcomes is divided by the sum of the weights.
Expedited appeal
1. Medicare+Choice organization’s second look at whether it will provide a health service. A beneficiary may receive a fast decision within 72 hours when life, health, or ability to regain function may be jeopardized. 2. Appeal for medical service, thought by the physician, to be urgent.
Expedited organization determination
Fast decision from the Medicare+Choice organization about whether it will provide health service. A beneficiary may receive a quick determination within 72 hours if life, health, and ability to regain function may be jeopardized.
Expediting expenses
In business interruption and boiler & machinery policies, expenses to speed up repair or replacement.
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Expense incurred in order to hasten repair or replacement of property to reduce the amount of loss. Expediting expenses generally are covered by a property Insurance Policy if they do reduce the amount of the loss the Insurer would otherwise have to pay.
Expediting expenses (Property Insurance)
Costs sustained by a business attempting to hurry a reopening after damage.
Expenditure
1. Issuance of checks, disbursement of cash, or electronic transfer of funds made to liquidate an expense regardless of the fiscal year the service was provided or the expense was incurred. 2. When used in the discussion of the Medicaid program, expenditures refer to funds spent as reported by the states. Also called outlay .
Expenditure limit
Maximum level of spending for the health sector or certain categories of services. It is usually established by the government through rate setting or premium limits.
Expense
A policy’s share of company’s operating costs, fees for medical examinations and inspection reports, underwriting, printing costs, commissions, advertising, agency expenses, premium taxes, salaries, rent, etc. Such costs are important in determining premium rates.
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MEDICAL,USA: Funds spent or incurred providing goods, rendering services or carrying out other mission-related activities during a period. Expenses are computed using accrual accounting techniques that recognize costs when incurred and revenues when earned and include the effect of accounts receivables and accounts payable on determining annual income.
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The cost of operating the insurance business exclusive of losses or claims.
Expense (Health Insurance)
The share of the insurer’s operating expenditures, such as underwriting, medical examination costs, salaries, and other expenses that come from each policy.