1. Determining the value of risk of an individual or organization. 2. Establishing a year’s cost of a specific unit of insurance.
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Any procedure used to compute the premium rate which a particular insured or class of Insureds is charged for a given coverage.
Tag: MEDICAL
Rating classes
Rate applied to risks of similar characteristics or a specific class of risk. For group life insurance the three rating classes for group premiums are (1) manually rated premiums, (2) experience-rated premiums, and (3) blended premiums. See also blended rates, experience rating, and manual rate .
Rating manual
Insurance handbook that includes suggested ratings and background information for each impairment shown.
Rating period
Time during which a set of health insurance rates is guaranteed.
RC
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating a specific vessel (right coronary artery) in a stent placement, balloon angioplasty, and/or atherectomy.
RD
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating drug given to beneficiary but not administered “incident-to.”
Readabililty standards
Required criteria that insurance policies contain basic easy-to-understand English so that the average consumer can comprehend the meaning. A formula is used to determine the level of readability.
Readmission review
Review of patients readmitted to a hospital within 7 days with problems related to the first admission, to determine whether the first discharge was premature and/or the second admission is medically necessary.
Real mother
See: birth mother and biological mother .
Real time
1. Insurance claim processing that occurs immediately as opposed to batch processing (e.g., electronic claims transmission). 2. Immediate imaging to show movements.