The value of property at the inception of a valuation-linked insurance.
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In a valuation linked property insurance the value at the outset of a period of insurance is termed the base value.
Tag: RAW
Base year costs
Medicare phrase that means the amount a hospital actually spends to provide care in a prior time period. Usually the base year is the fiscal year that ends on or after September 30, 20XX, and before September 30, 20XX, of the next year.
Base years
For Social Security benefits, wage earner’s years after 1950 up to the year of entitlement to retirement or disability insurance benefits. For a survivor’s claim, the base years include the year of the worker’s death.
Base-line
The given value, e.g. 18 degrees C (i.e. the reference temperature), from which a deviation is measured in a weather derivative. See COOLING DEGREE DAYS; HEATING DEGREE DAYS.
Baseline Data
Data collected prior to an activity (such as hazardous employment) for later use in describing conditions before the project began or changes brought about by the activity.
Basic and major medical program
Insurance plan that combines basic benefits with major medical benefits. Usually this insurance coverage has no front-end deductible and benefits begin with the first dollar of expense incurred by the patient for a covered benefit. Sometimes basic benefits are referred to as “first-dollar” benefits.
Basic benefits
Base health services listed in an individual’s health insurance plan plus coverage required under applicable federal and state regulations. Also called basic medical benefits .
Basic benefits (Health Insurance)
The minimum benefits provided by an insurance policy. Also called a basic hospital plan.
Basic Capital Adequacy Relativity (B.C.A.R.)
This percentage measures a company’s relative capital strength compared to its industry peer composite. A company’s BCAR which is an important component in determining the appropriateness of its rating, is calculated by dividing a company’s capital adequacy ratio by the capital adequacy ratio of the median of its industry peer composite using Best’s proprietary capital mode. Capital adequacy ratios are calculated as the net required capital necessary to support components of underwriting, asset, and credit risks in relation to economic surplus.
Basic Capital Requirement (BCR)
The BCR is a simplified factor-based capital requirement intended for insurers designated as systemic (GSIIs) and is intended to be the basis on which additional capital requirements, a.k.a. Higher Loss Absorbency (HLA) are applied to GSIIs.