1. Start of a benefit year for an insured subscriber group; date on which a policy was issued. 2. Date an employee begins a new year of employment. Also called anniversary or policy anniversary.

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The anniversary of the original date of issue of a policy as shown in the declarations.

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US: In policies with a term that exceeds 1 year, the anniversary of the policy inception date. For 1-year policies, this term can also be used to refer to the policy’s renewal date.

Brochures, bulletins, memos, and advertisements used to solicit, enroll, and explain an insurance program.

Computation adjustment of 12 months of incurred and paid insurance claims to 12 months of expected incurred insurance claims. See incurred claims and expected incurred claims.

Under the Medicare program, this is a yearly assessment report of a provider who contracts to render medical services to Medicare beneficiaries.

Social Security benefits and supplemental security income payments increased each year to keep pace with increases in the cost of living (inflation).

For Medicare beneficiaries, this is a time of year, during the month of November, in which all Medicare+Choice health plans are open and accepting new members. Enrollment begins the following January. See election period.

Highest dollar amount that an insurance company will pay on all claims experienced in 1 year for an insured as stated in the insurance contract.

1. Individual who receives annuity payments. 2. Person whose lifetime is used as a measurement for establishing the length of time benefits are payable under a life annuity.

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See: Annuity.