Activities to prevent and recover inappropriate Medicare benefit payments including Medicare Secondary Payer (MSP), medical review/utilization review (MR/UR), provider audits, and fraud and abuse detection.
Insurance Encyclopedia
Payment schedule
Details as to the amount and time of payment of contributions to a pension scheme. A schedule is compulsory for money purchase schemes.
Payment suspension
See: suspension of payments.
Payment voucher
See: check voucher.
Payor
See: payer.
Payor benefit (Liability Insurance)
A provision usually found in juvenile policies. This provision states that if the person responsible for paying the premiums, such as the child’s parent, becomes disabled or dies before the child legally becomes an adult, the rest of the premiums are waived.
Payroll audit
An examination of the insured’s payroll records by a representative of the insurer to determine the premium due on a policy for which payroll is the basis.
Payroll audit (Liability Insurance/Workers Compensation)
An examination conducted by a representative of the insurance company. This is done to establish the amount of the last premium due for the most recent policy year.
Payroll Basis
Where business interruption insurance is arranged on a payroll basis the rate charged on salaries and wages is lower than that on gross profit.
Payroll cover
Payroll’ includes salaries, wages and remuneration of all kinds including national insurance, bonuses, holiday pay and other payments pertaining to salaries and wages. Payroll may be insured in full as a part of the gross profit item in a business interruption insurance but the dual basis payroll provides an alternative approach.