Vendor that facilitates transmission of electronic data interchange (EDI) data communications and translation services among multiple trading partners.
Insurance Encyclopedia
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.
Value reporting form (Property Insurance)
A commercial form used primarily for businesses with a varying amount of value or inventory throughout the year. The business reports its merchandise values at times throughout the year and the insurance is adjusted to correspond to the current value.
Valued
Relating to an agreement by an insurer to pay a specified amount of money to or on behalf of the insured upon occurrence of a defined loss.
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The agreement an insurance company has made to pay a prestated amount should a loss occur.
Valued as Original
A marine reinsurance term making it clear that the reinsurance policy is a valued policy and that the value is the same as in the original policy though not all the cover is necessarily reinsured.
Valued contract
Life insurance policy in which the amount of the benefit is established in advance.