Number assigned to a facility (e.g., hospital, laboratory, radiology office, nursing facility) to be used by the facility to bill for services, or by the performing physician to report services done at that location.
Insurance Encyclopedia
Facility specific
Method of establishing insurance rates based on facility expenditures on items specific to patient care. It pays different rates to providers that deliver the same type of service.
Facility-of-payment clause
Insurance contract rule or section of a life insurance policy that allows the managed care payer or insurance company to reimburse someone other than the member or provider (e.g., designated beneficiary or estate of the insured). This clause allows the insurance company to pay benefits to the beneficiary in a timely manner.
Fact-finding
Under the FSA ‘know your customer’ rule (Conduct of Business Rule 5.2.5) a firm making a recommendation on a designated investment (and certain pension transactions) to a private customer must take reasonable steps to acquire sufficient personal and financial information before making the recommendation. There is no prescribed method of eliciting information but firms should have a suitable factfinding’ process. The document recording the information is a ‘fact-find’. There are special rules for Friendly Society policies not exceeding £50 per annum or £1 per week.
fact-oriented V codes
Diagnostic codes that do not describe a problem or a service but state a fact. Generally these codes do not represent an outpatient primary or inpatient principal diagnosis.
Factious Groups
Groups formed primarily for the purpose of buying insurance. As per directives of IRDA such groups may not be written.
Factor
An agent whose ordinary course of business is to sell goods with the possession of which is entrusted by his principal. A debt factor is one who collects debts on behalf of a principal.
Factor Rating
A factor used to determine the premium rate for a policy, which is measurable in an objective way and related to the intensity of the risk. It must, therefore, be a risk factor or a proxy for a risk factor or risk factors.
Factor table
Statistical record used by insurance underwriters to establish the net worth of an insurance applicant. It shows the dollar amount to multiply with the applicant’s annual income to obtain the maximum allowable amount of insurance.
Factored rating
See: adjusted community rating (ACR) .