A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Corporation

A business whose articles of incorporation have been approved in some state. For insurance purposes, the type of business structure helps to determine who is insured on the policy.
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US: An “artificial person,” created under the laws of a given state. A corporation has an identity and an existence distinct and independent from that of its individual owners. Corporations have the power to (1) act; (2) contract; (3) sue and be sued; and (4) own, manage, and buy/sell property. The profits (and losses) of the corporation are distributed according to the ownership interest (i.e., the percentage of total shares) held by each shareholder. The defining feature of a corporation is its legal independence from the people who create it. This means that if a corporation fails, shareholders only stand to lose their investment in the company (i.e., the amount of money they paid for shares of stock in the company) but will not be liable for any remaining debts owed to the corporation’s creditors. Corporations are chartered by all 50 of the United States and by the federal government in certain instances (e.g., national banks and savings and loan institutions).
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MEDICAL,USA: An entity or group of individuals who obtain a state charter that gives certain legal rights to conduct business.

Corporation of Lloyd’s

The Lloyd’s Corporation oversees and supports the Lloyd’s market, ensuring it operates efficiently and retains its reputation as the market of choice for specialist insurance and reinsurance risk. The Corporation of Lloyd’s oversees and supports the market, and promotes Lloyd’s around the world. This includes determining the capital that members must provide to support their proposed underwriting, working with the management of underperforming syndicates to improve performance, undertaking financial and regulatory reporting for the Lloyd’s market, managing and developing Lloyd’s global network of licenses and the Lloyd’s brand. It comprises many different teams, from International Markets and Business Development to Claims and Market Operations. These teams work together to promote Lloyd’s around the world, raise performance and manage Lloyd’s worldwide licenses. Maintaining and developing the attractiveness of the market. Managing and developing Lloyd’s global network of licenses and the Lloyd’s brand. Taking action in the long-term interests of the market.

Correct Coding Initiative (CCI)

Federal legislation implemented in 1996 that attempts to eliminate unbundling or other inappropriate reporting of procedural codes for professional medical services rendered to patients. The quarterly updated code list identifies services considered either an integral part of a comprehensive code or mutually exclusive of it. Also known as National Correct Coding Initiative (NCCI).

Correction

To fix an error by adding data to a patient’s existing chart or progress note by including the date, data, and signature of the individual making the correction.

Correctional institution

Penal facility, jail, reformatory, detention center, work farm, halfway house, or residential community program center operated by, or under contract to, the United States, a state, a territory, a political subdivision of a state or territory, or an Indian tribe, for the confinement or rehabilitation of persons charged with or convicted of a criminal offense or other persons held in lawful custody (i.e., juvenile offenders, aliens awaiting deportation, persons committed to mental institutions through the criminal justice system, witnesses, or others awaiting charges or trial).