List of drugs covered by a benefit plan in which the drugs on it are the only ones covered. Sometimes nonformulary drugs can be covered if authorization is obtained and if there is a good medical reason. See also open formulary and restricted formulary.
Tag: RAW
Closed fracture
Fracture of the bone with no skin wound.
Closed fund
A life insurance fund maintained for a particular group of policies with no new business being accepted for the fund.
Closed grievance
Decision that has been made and cannot be appealed or is not under appeal by the member of a managed care plan.
Closed line
the amount for which an insurer becomes liable in the event of a slip being over- subscribed (see written line).
Closed Panel
See: “Closed Access, Health.”
Closed panel program
Form of health maintenance organization (HMO) that limits the patient’s choice of personal physicians to those doctors practicing in the HMO group practice within the geographical location and/or facility. Such plans allow members to receive nonemergency medical services, but adhering to a closed panel is usually not applicable to emergency care. A physician must meet very narrow criteria in order to join a closed panel.
Closed scheme
A pension scheme that does not admit new members.
Closed treatment
Alignment of a fracture without the site opened for surgical intervention. Three treatment methods for closed fractures exist: without manipulation, with manipulation, and with or without traction.
Closed Year
REINSURANCE: A year for which provisions for all future claims arising in the year are established. Also A year of account that has been closed into another year of account by means of a reinsurance to close contract. Historically most Lloyd’s syndicates have operated a three year underwriting account according to which the profit or loss of an underwriting account is determined by the managing agent 36 months after the beginning of that account which is always the start of a calendar year. According to this system the normal closure date of the 2014 year of account (which commenced on 1 January 2014) was 31 December 2016, with the calculation of the reinsurance to close as at that date being finalized in or about February/March 2016.
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Refer: “Reinsurance, Closed Year”
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UK: Where the accounting basis is for a two-year period or longer, a closed year is the year of account for which a result has been ascertained. This can only be done after providing for all outstanding claims. At Lloyd’s a year of account closes after 36 months, but this will end as Lloyd’s moves to annual accounting.