Under HIPAA, a collection of interrelated data elements in a batch of claims (transaction) that are to be electronically transmitted.
Insurance Encyclopedia
Segmentation
1. Act of creating a group health benefits program for coverage to a limited number of eligible employees or to give different types of benefits to different categories of workers (e.g., exempt or nonexempt, union or nonunion, hourly or salaried). 2. Act of an insurance company dividing its general account investments into separate parts that match each of the insurer’s major lines of business (e.g., account for group life insurance investments, account for individual life insurance investments).
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See: Cluster Policy.
Segregated fund
Part of the pension scheme’s assets managed by an external investment manager. These investments are separated from the remaining assets controlled by the fund’s investment manager. The segregated fund often indicates an individual portfolio of stocks and shares as opposed to a pooled fund.
Segregation of Exposure Units
Risk management technique which divides or duplicates an existing single loss exposure to reduce the severity and/or increase the predictability of losses. Segregated units should be sufficiently dispersed so that they all will not be lost in the same accident. Segregation takes two forms: separation and duplication.