Procedure code that has a full description.
Insurance Encyclopedia
Standalone corporate syndicate
Syndicate with a single corporate member and which does not write business in parallel with any existing syndicate. The syndicate writes business solely for its own account and is supported by a single underwriting corporate member, the sole source of capital. Lloyd’s does not generally allow a standalone syndicate to be established unless it brings new capital to the market.
Standard
1. Under the Health Insurance Portability and Accountability Act (HIPAA), rule, condition, or requirement that describes products, systems, services, or practices with respect to the privacy of individually identifiable health information. 2. In a workers’ compensation case, permanent disability (PD) rating before adjustment for age or occupation (e.g., “the rating was 30% standard” or “we settled for the standard PD”).
Standard & Poor’s Claims Paying Ability Rating
A rating based on S & P’s assessment of the financial capacity of an insurance company and its ability to meet its claims obligations. There are two ranges of ratings: (a) secure range: AAA to BBB; and (b) vulnerable range BB to CCC.
Standard anesthesia formula
Payment equation that is made up of base units plus time units plus modifying units (e.g., physical status and qualifying circumstances) plus additional (other) allowed units or charges and then multiplied by a conversion factor:
Standard annuity table (Pensions)
A mortality table on which most annuities are based, formally called The 1937 Standard Annuity Table.
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.