A term for the provisions mandated by state law that appear in all policies issued in that state. This term can also be used to refer to the provisions the NAIC requires in all group life contracts.
Insurance Encyclopedia
Standard Risk
A person who, according to a company’s underwriting standards, is entitled to insurance protection without extra rating or special restrictions.
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MEDICAL, USA: Future probability that is considered normal and insurable at standard rates without an additional premium or restrictions.
Standard risk (Life Insurance)
A risk deemed to be average because it is the same as those on which the rate was based.
Standard risk class
Insurance category composed of individuals whose loss is considered normal or average. This class pays basic or standard premium rates. Other classifications are given credits or debits depending on their difference from the standard.
standard setting organization (SSO)
Association accredited by the American National Standards Institute that develops and maintains standards for information transactions or data elements or any other standard under the Health Insurance Portability and Accountability Act (HIPAA).
Standard Slip
The broker’s slip used in the London market. the standard format is mandatory for slips presented by brokers to L.P.S.O. and the I.L.U.
standard transaction format 837P
Electronic claims transmittal format of the CMS-1500 insurance claim.
standard transaction format compliance system (STFCS)
An Electronic Healthcare Network Accreditation Commission (EHNAC)-sponsored Washington Publishing Company (WPC)-hosted Health Insurance Portability and Accountability Act (HIPAA) compliance certification service.
Standard transactions
1. Under the Health Insurance Portability and Accountability Act (HIPAA), the electronic files in which medical data are compiled to produce a specific format. 2. Under HIPAA, a transaction that complies with the applicable HIPAA standard.
Standard Turnover
In Business Interruption Insurance the turnover of the insured business for the period during the twelve months before the date of material damage occurring corresponding to the indemnity period which begins on that date.
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UK: Business interruption term meaning the turnover during the 12 months immediately before the date of the material damage. The liability of the insurer for loss of gross profit is determined by applying the rate of gross profit to the reduction in turnover being the difference in turnover between the standard turnover and the turnover achieved during the indemnity period.