System of changing capitation rates paid to providers of medical services given to a group of members whose medical care has higher medical costs than average. This may be due to medical condition, geographical location, age, gender, ethnicity, or race. Also called risk load or risk adjuster .
Insurance Encyclopedia
Risk analysis
Systematic use of information to determine the probability of an occurrence and the severity of its consequences. This leads to informed decisions as to how particular risks should be managed. Risk mapping facilitates the process.
Risk analysis (Health Insurance)
An analysis used to determine the benefits and premiums that will fit a particular group.
Risk and insurance management society (RIMS)
A group that promotes risk management through education, made up of risk managers and insurance buyers. The organization aims to foster better communication between all members of the insurance industry.
Risk and Insurance Management Society, Inc. (RIMS)
An industry association of risk managers that publishes several periodicals, lobbies, sponsors seminars, and conducts an annual conference.
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Trade association of risk managers and insurance buyers.
Risk and Insurance Management Society, Inc., New York (RIMS)
Organization for risk and Insurance managers of commercial and industrial enterprises, public entities and service organizations in both the profit and non-profit sectors.
Risk appraiser (Life Insurance)
The person within the insurer charged with screening new applications. This person is the one to approve or decline the application. He or she may alternately recommend a different policy or premiums to the applicant.
Risk assessment
1. Collective reference to: risk identification, risk analysis and risk evaluation, i.e. an overall process in risk management. 2. Legal requirement under health and safety regulations. See MANAGEMENT OF HEALTH AND SAFETY AT WORK REGULATIONS 1999; COSHH.
Risk assumption
An informed decision to accept the likelihood and consequences of a particular risk. This is planned risk assumption. A supermarket chain may choose to carry the risk of loss or damage to plate glass windows given that it has a spread of risk and the maximum possible loss is small relative to their resources. Deductibles and self-insurance are forms of risk assumption.
Risk Attaching Basis
A basis under which reinsurance is provided for claims arising from policies commencing during to the period to which the reinsurance relates.