A mortality table on which most annuities are based, formally called The 1937 Standard Annuity Table.
Insurance Encyclopedia
Standard benefit package
1. Stated set of health insurance benefits that all insurance plans are required to offer. 2. In managed care plans, package of medical services that must be provided to individuals, small businesses, and large businesses at competitive rates (e.g., preventive care, hospital and physician services, prescription medications).
Standard claim
Insurance claim submitted to a third-party payer that is not accompanied by unnecessary attachments.
Standard claims processing system
Standard computer system used by insurance carriers and fiscal intermediaries to process Medicare insurance claims.
Standard class rate (Health Insurance)
A rate used to calculate group demographic information. The rate is determined by multiplying a base rate for each participant by a certain factor.
Standard Class Rate (SCR)
This is rate which is arrived at by using a base rate per participant multiplied by a factor to allow for group demographic information.
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MEDICAL, USA: Monthly insurance premium for an insurance company’s policy applied per member to risks with similar characteristics or to a specified class of risk. A formula is used by multiplying group demographical information to obtain the monthly rate. Also called class rate .
Standard construction
Property insurance term referring to buildings constructed of brick, stone or concrete and roofed with slates, tiles, metal, asbestos, concrete or sheets or slabs of incombustible mineral. This is abbreviated to bsst’. Broadly this means buildings of incombustible materials (Grade 1) insurable at standard rates. Lloyd’s uses the term massive construction. See NONSTANDARD CONSTRUCTION.
Standard contribution rate
Contribution rate (employer and employee) appropriate to a particular funding method (e.g. prospective benefit method) ascertained by a valuation before taking account of any actuarial surplus/actuarial deficiency. The rate is normally expressed as a percentage of the pensionable pay.
Standard Deviation
Arithmetic mean of the difference between each observation and the mean of all observations. Arithmetically defined as the square root of the arithmetic mean of the squared deviation of observations from their mean. A measure or index of dispersion within a frequency distribution.
standard error
In statistics, standard deviation of an estimate—multiple measurements of a given value will generally group around the mean (or average) value in a normal distribution. The shape of this distribution is known as the standard error .