Emotional aspect of an organic disease. It is characterized by symptoms that continue long after clinical signs of the disease or disability have ended.
Insurance Encyclopedia
functional related group (FRG)
Prospective payment system (PPS) used by rehabilitation hospitals and units. FRG was developed by Margaret Stineman and colleagues at the University of Pennsylvania and SUNY-Buffalo. This system is based on a rehabilitation coding system known as the functional independence measure (FIM) .
Functional replacement cost
The cost to repair or replace damaged property with materials that are functionally the equivalent of the damaged or destroyed property, for example, replacing a solid mahogany banister with a pine banister.
Functional resumé
Data sheet that highlights qualifications and skills.
Functionally disabled
Individual who has a physical or mental impairment that limits his or her capability for independent and self-sufficient living.
Fund
UK: A provision or reserve. Each class of insurance business has a fund based on the balance of premiums less claims and expenses after taking into account any transfer to or from the profit and loss account. In life insurance, it often means a pool of assets managed separately for asset and liability management purposes. Funds may be legally or contractually segregated which may limit the freedom of the company to switch assets between funds.
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Allocation of premiums from which losses can be paid.
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MEDICAL,USA: In a managed care capitation contract, the specific amount of dollars in reserve that is available to compensate the contracted provider of services.
Fund (1)
for life insurers, an accounting concept expressing the balance of its actuarially calculated liabilities to policyholders (‘mathematical reserves’) together with miscellaneous liabilities and unappropriated surplus; may also be used to mean the assets representing the fund.
Fund (2)
in funded basis, the balance of premiums received less claims and expenses paid in respect of business accounted for on a two or three year basis the profits of which have not been struck.
Fund account
Accounting method that uses a formula for establishing insurance premium rates.
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UK: Shows how the pension scheme has dealt with members and income from investments and what investments have been bought and sold during the year. The account is compulsory.
Fund Accounting
A process whereby a fund is established for future losses for a period or a type of claim against which claims experience is monitored, rather than a prospective approach to evaluating and settling claims reserves.