Transferring the sickest, high-cost patients to other physicians so that the provider appears as a low-utilizer in a managed care setting.
Insurance Encyclopedia
turnaround time (TAT)
1. Period from the date a transaction is received to the date completed. 2. For insurance claims, the number of days from the date a claim is received by the insurance company to the date it is paid.
Turnbull Report
Guidance published in 1999 to assist the directors of UK listed companies in complying with the internal control requirements of the Combined Code on Corporate Governance to which ‘Turnbull’ is appended. Includes guidance on risk management related to operational risk and compliance risk as well as financial risk. See CORPORATE GOVERNANCE.
Turnkey Insurance
Insurance coverage which includes General Liability for Contractors and Architects Errors and Omissions.
Turnover
The monetary value of sales in a period of time. The figure reflects the level of activity in a firm or organisation and may be used to measure exposure as in products liability. See ADJUSTABLE POLICIES; STANDARD TURNOVER.
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The money earned for goods supplied or services rendered in the course of the business at the premises specified in the policy.
Turnover (Pensions)
The amount of new employees hired within a certain time frame to replace employees who have quit or been fired.
Turnover rate
Number of times employees terminate employment other than by death (i.e., they’re fired, they resign, or they retire) and are replaced. This is a factor that affects the cost of a retirement plan.
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US: The rate at which employees terminate covered service other than by death or retirement. Expected future turnover can be taken into account in translating contributions into benefits.