A type of risk financing designed to provide integrated protection against catastrophic losses. It may incorporate both traditional and nontraditional types of exposures, or it may include only traditional property and casualty risks.
Insurance Encyclopedia
Integrated risk products
The integrating in a single multi-year contract of conventional insurance risks with financial and commodity risks. Where the risk transfer element is minimal they are akin to financial reinsurance with the aim of smoothing losses over time. Multi-covers and blended covers are integrated products.
integrated service network (ISN)
See: Accountable Health Plan (AHP) .
Integrated vehicle
See: integrated Lloyd’s vehicle (ILV).
Integration
MEDICAL,USA: 1. Process used by hospital facilities and physicians in which they combine business operations to reduce expenses and increase health care services. There are different types of integration such as simple coordination (combine purchasing) to full integration (centralized administration and coordination of care). 2. Combination of two or more insurance benefit plans to prevent duplication of benefit payments. Also referred to as integrated carve-out plan .
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A coordination of disability benefits with benefits payable under Social Security, through a specific formulae.
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UK: Reduction of a person’s pension by part or all of the pension they will receive from the basic state pension. See STATE OFFSET PENSION.
Integration test
A test used in the employee/employer relationship. It seeks to establish whether a person works on their own account or as an integral part of the employer’s organisation. The test is likely to succeed if the relationship is a continuing one between the parties. If the individual’s activities are restricted to one employer and the individual carries no financial risk the individual may be deemed to be an employee. Denning L. J. compared a taxi driver with a chauffeur to make this point (Stevenson, Jordan and Harrison Ltd v. McDonald and Evans).
Integrative health care
Medical care that incorporates the best approaches from conventional medicine and from complementary and alternative medicine. It includes the following specialty areas: acupuncturist, body work, chiropractic, conventional nursing, indigenous medicine, mental health care, minority health care, Oriental medicine, physical medicine, spiritual and prayer-based healing, Ayurvedic medicine, botanical medicine, clinical nutrition, holistic dentists and physicians, homeopathy, massage therapy, midwifery, naturopathic medicine, osteopathic medicine, and somatic educational. Alternative billing codes (ABCs) are used to bill for these services. Also called integrative medicine . See also alternative medicine and alternative billing codes (ABCs) . Website: www.alternativelink.com
Integrative medicine
See: integrative health care .
Intellectual property
The general term for intangible property rights which are a result of intellectual effort. Patents, trademarks, designs and copyright are the main intellectual property rights. See INTELLECTUAL PROPERTY ASSET PROTECTION; INTELLECTUAL PROPERTY LITIGATION PROTECTION.
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Ownership of the legal rights to possess, use or dispose of products created by human ingenuity including patents, trademarks and copyrights.
Intellectual property (IP)
Intangible products of human intelligence, especially as one may be entitled to the commercial proceeds of such products, such as patents or copyrights.