Gauge that measures a goal-directed, interrelated series of actions, events, mechanisms, or steps.
Insurance Encyclopedia
Process management
See: process improvement.
Process Rating
The steps used to determine a premium rate for a particular group based on the amount of risk that group presents.
Processing time
Time period it takes an insurance carrier to process an insurance claim from when it is received by the carrier until it is approved for payment. Payment for manual claims is within 4 to 12 weeks and as little as 7 days when transmitted electronically.
Processor
One who change the condition of products without changing their fundamental characteristics.
Processor’s Policy
Contract of Insurance that protects the Policy holder when the insured property is in another’s position for processing, such as dyeing pressing. Goods in State of being delivered to or from the processor are also covered.
Procuration Fee
A fee paid to the introducer of insurance.
Procurement costs
Under Medicare Secondary Payer guidelines, the attorney fees and other costs that are related to obtaining a settlement that are borne by the individual against which the Centers for Medicare and Medicaid Services (CMS) seeks to recover.
Producer
US: A term commonly used for an agent, broker, or other insurance representative who has responsibility for selling insurance.
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A term for a person who sells insurance; for example, an agent.
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A term identifying the insurance agent, field rep, or other employee who sells insurance.
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An Agent for an insurance company.
Product
Classification of products in accordance with the File and Use guidelines of IRDA: (01) Class Rated (a) Internal Tariff rates products (b) Packaged or customized products. (02) Individual rated products: (a) Individual Experience rates products (b) Exposure rated products and (c) Insurance of large risks.