Report on an actuarial valuation. Also called an actuarial report.
Insurance Encyclopedia
Valuation Reserve
A reserve against the contingency that the valuation of assets, particularly investments might be higher than what can be actually realized or that a liability may turn out to be greater than the valuation placed on it.
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A reserve kept in case a liability is found to be valued at more than the estimated value placed on it, or that assets are valued higher than expected.
Valuation-linked scheme
A fire insurance scheme under which the insured chooses an inflation rate for the policy year and for each year the work of reinstatement may be necessary.
Value
Accepted principle, standard, or quality regarded as worthwhile or desirable.
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UK: The worth of something in money terms. The standard fire policy offers to pay the insured the ‘value of the property’ and the average clause refers to the ‘value of the property at the time of fire’. Following the rules of construction the term will be given its ordinary meaning and the word will be given the same meaning wherever it appears in the policy unless a contrary intention is shown by express words or definitions contained in the policy. Under unvalued policies value generally means market value unless the policy is written on a reinstatement basis. Marine insurance policies are generally issued on a valued policy basis.
value added network (VAN)
Vendor that facilitates transmission of electronic data interchange (EDI) data communications and translation services among multiple trading partners.
value added tax (VAT)
Amount of money levied on the increment of value that is added to a product at each stage of the production process. It is similar to a sales tax and is sometimes referred to as a consumption tax .
Value added tax cover
Credit insurance cover applying to the VAT content of sales invoices.
Value codes
Two-digit codes that have related dollar amounts that identify monetary data required for processing insurance claims. Value codes represent payments received, laboratory readings, newborn weights, outlier amount, patient liability amount, and other types of data. Value codes are inserted in Fields 39, 40, and 41 of the Uniform Bill (UB-04) inpatient hospital billing claim form.
Value health care purchasing
Providers and buyers work together and use available information to buy and sell medical care based on cost and outcome (value).
Value reporting form
Commercial form designed for businesses that have fluctuating merchandise values during the year. As values are reported (monthly, quarterly, or annually), the amount of insurance is adjusted. Reporting forms help eliminate problems of over-insurance and under-insurance, as well as the need to continually endorse a policy.