Applies to some ART products enabling them to be varied following the occurrence of loss(es). It also refers to risk modelling techniques whereby the premium payable under a multi-year contract is automatically adjusted by reference to the claims record and changes in the prevailing market and economic conditions.
Insurance Encyclopedia
Residence employee (Workers Compensation)
A person employed to perform household services.
Residence Employees
An employee whose duties are incidental to the ownership, maintenance or use of personal residential premises and to the personal rather than business activities of the insured.
Residence premises
In homeowners insurance, the dwelling, other structures and grounds, or that part of any other building where the named insured lives.
Residence premises (Liability Insurance)
The building in which the homeowners insurance policyholder lives.
Resident
For Medicare, a physician who is participating in an approved graduate medical education (GME) training program or one who is not in an approved program but who is authorized to practice only in a hospital setting. This includes interns and fellows where direct GME payments are made by the fiscal intermediary.
Resident agent
A licensed agent who resides in and is licensed in the state in which business is being written.
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US: An agent domiciled in the state in which he or she conducts his or her business activities.
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An agent who lives in the same state in which he or she conducts business.
Resident Assessment Instrument (RAI)
System that provides a comprehensive, accurate, standardized, reproducible evaluation of each long-term care facility resident’s functional capabilities and helps staff to identify health problems. This assessment is performed on every resident in a Medicare and/or Medicaid-certified long-term care facility including private pay.
Resident relative
A person related to the insured by blood or marriage living in the household. Being engaged or living together long-term does not make one a relative.
Residential care
See: assisted living center (ALC) .