Used in a retrospective rating plan and defined as the lowest amount the insured can pay under the plan, regardless of the losses incurred.
Insurance Encyclopedia
Minimum retrospective premium (Liability Insurance/Workers Compensation)
A premium used in a retrospective rating plan. This premium is the smallest amount the insured can pay under a given plan, no matter the amount of the losses incurred.
Minimum scope of disclosure
Principle that, to the extent practical, individually identifiable health information should only be disclosed to the extent needed to support the purpose of the disclosure.
Minimum service requirement
In retirement plans, a condition that an employee complete a specific period of employment before participating in the employer’s pension plan.
Minimum solvency margin
the solvency margin which an insurance company is required by regulatory legislation to maintain; failure to maintain the required margin leads to intervention by the regulators and possibly to a ban on taking on new business
Minimum Standards Model Regulation
Policies declared official in 1974 by the National Association of Insurance Commissioners (NAIC) for setting insurance categories for basic forms of coverage with necessary minimum benefits.
Minor
A person below the age of legal capacity (18 yrs.). A minor is incapable of making a contract.
Minor procedure
1. Surgical procedure with 0 to 10 follow-up days that may be considered by third-party payers to be part of the surgical package or Medicare global package for a primary surgical service. It cannot be billed separately from the primary operative procedure. 2. Medical procedure that takes 5 minutes or less and involves relatively little decision-making once the need for the operation is determined (e.g., simple sutures, chest tubes, débridements).
Minority buyouts
The compulsory purchase of residual syndicate capacity by a member, or group of members, holding 90 per cent or more of the syndicate capacity after a mandatory offer. See MAJOR SYNDICATE TRANSACTION.