Type of hospital invoice (patient’s financial accounting statement) assessed by someone auditing a hospital bill that has no errors. Also see under bill and over bill.
Tag: RAW
Clean claim
Completed insurance claim form submitted within the program time limit that contains all the necessary information without deficiencies so that it can be processed and paid promptly; a claim that passes all electronic claim edits and claim audits; or a claim that is subject to medical review but is submitted with complete data attached or forwarded simultaneously with electronic media claim records.
Clean cut basis
The method of transferring premium portfolios and loss portfolio from one year to another in a manner that simplifies the preparation reinsurance treaty accounts when a treaty is cancelled or transferred. See LOSS PORTFOLIO TRANSFER.
Clean Draft
A draft to which no documents have been attached.
Clean-up costs
Financial loss due to pollution. Costs may include: cleaning up land, water courses, buildings, machinery, etc., and generally removing the effects of pollution. The insured may cover his liability for third party cleanup costs incurred by a third party and for the cost of cleaning up his own property under a first party policy. It is possible to extend existing liability policies but one approach is to arrange a separate environmental impairment policy that also covers cleaning up one’s own site.
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Generally, those costs associated with the clean-up of pollution.
Clean-up fund
Lump-sum type of life insurance death benefit to assist in paying the insured’s outstanding debts, funeral expenses, and related expenses—in other words, “cash” to clean up expenses.
Cleanliness
Accumulated trade waste and rubbish is a fire hazard indicative of lax management and poor moral hazard. Greasy waste is liable to spontaneous heating. In some cases a warranty may require the insured to keep waste/scraps in metals bins and remove them from the building at the end of each day.
Cleanup fund (Life Insurance)
A fund or policy used to pay the remaining costs stemming from the policyholder’s death.
Clear Space Clause
A clause required that insured property, such as stack of lumber, be stored at some particular distance from each other or from other property.
Clear space clause (Property Insurance)
A clause stating that the insured’s belongings must be stored at a specified distance from each other or other belongings. The property in question typically increases the chance of a loss, for example, dynamite or stacks of firewood near a firepit.