A contract where there is an exchange of a promise for a promise. Insurance contracts are always bilateral contracts.
Tag: RAW
Bilateral netting
Legally enforceable agreement under which two parties involved in swaps agree to exchange only the net difference in their obligations to each other rather than making full payments one to the other.
Bilateral procedure
A surgical procedure performed on both sides of the body or organ.
Bilateral surgery
Situation when a surgical procedure is performed on both sides of the body or organ. A five-digit CPT code number is used with an attached modifier -50 to list the procedure. If listing more than one modifier, place modifiers affecting reimbursement first, in descending order, followed by status modifiers.
Bill
To assign a fee for medical services and supplies provided by a provider that were rendered to the patient and to present an itemized statement of the charges.
Bill cycle
1. Day of the month on which specific groups (Medicare, Medicaid, managed care, commercial payers) are scheduled to be billed. There are 30 bill-cycle days per month including weekends and holidays. 2. Day of the month on which specific accounts by alphabet, account number, insurance type, or date of first service are scheduled to be billed. Also see cycle billing .
Bill frequency
Rate of regularity that a subscriber or group is billed by the insurance company for premiums due. This may be monthly, quarterly, or annually.
Bill of exchange
The authorisation by the buyer for the seller to draw the price of the goods on a due date, on the buyer’s bank, usually when the goods reach their destination. The bank will not discount the bill unless the specified goods are insured against marine risks and the policy lodged with the bank as collateral security.
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It is the bill drawn by exporter against the importer.
Bill of lading
An international shipping document issued by a carrier to a cargo exporter. It serves three purposes: (a) definition of the contract between the parties, including details of the shipowner’s duties and responsibilities for the property (as defined) from the port of shipment to the port of destination; (b) receipt for the goods delivered for shipment; (c) evidence of title, and as such is transferable by endorsement and delivery. A clean bill carries no qualifying endorsement; a ‘dirty bill’ may be endorsed, for example, ‘badly packed’. Copies are kept by the master, the shipper and the consignee.
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A document issued by a carrier that is a receipt for the merchandise or other property to be transported, and that outlines just what the carrier agrees to do and his responsibilities for the property.
Bill of lading freight
The amount payable to the shipowner for the carriage of cargo and by common law earned only on completion, unless otherwise agreed. See ADVANCE FREIGHT.