The years added to the ‘actual membership years’ to enhance the benefits for the member of a defined benefit scheme. It may be the outcome of a transfer payment received by the pension scheme, an additional voluntary contribution, or the employer or the scheme improving the member’s benefits.
Tag: RAW
Addendum
A document that notes alterations agreed between the parties to a reinsurance contract.
Addition
Individual who becomes insured after the effective date of a group insurance policy.
Addition to age
A method used by life underwriters when charging an extra premium to under average lives. The underwriter adds a number of years to the proposer’s age in order to determine the actual premium that will be charged.
Additional benefits
Health care services not covered by Medicare and reductions in premiums or cost sharing for Medicare-covered services. Additional benefits are specified by the Medicare Advantage (MA) Organization and are offered to Medicare beneficiaries at no additional premium. Those benefits must be at least equal in value to the adjusted excess amount calculated in the adjusted or average community rate (ACR). An excess amount is created when the average payment rate exceeds the adjusted community rate (as reduced by the actuarial value of coinsurance, copayments, and deductibles under Parts A and B of Medicare). The excess amount is then adjusted for any contributions to a stabilization fund. The remainder is the adjusted excess, which is used to pay for services not covered by Medicare and/or is used to reduce charges otherwise allowed for Medicare-covered services. Additional benefits can be subject to cost sharing by plan enrollees. Additional benefits can also be different for each MA plan offered to Medicare beneficiaries.
Additional commission
The commission at a fixed or variable rate that the reinsurer pays to the reinsured if the loss ratio is below a specified percentage.
Additional cost clauses
Fire policy clauses covering additional costs such as the cost of removing debris or complying with public authorities requirements. Cover is subject to the adequacy of the sum insured. See PUBLIC AUTHORITIES CLAUSE; DEBRIS REMOVAL CLAUSE.
Additional Cover
An Insurance Policy extended to cover additional risk perils such as Strikes, Riot and Civil Commotion etc. on payment of extra premium.
Additional death benefit
An extra benefit payable upon the insured’s death.
Additional diagnosis
See: secondary diagnosis and other diagnoses.