Effective date

MEDICAL,USA: 1. Under the Health Insurance Portability and Accountability Act (HIPAA), this is the month, day, and year that a final rule is effective, which is usually 60 days after it is published in the Federal Register . 2. In insurance, the month, day, and year on which the membership, insurance coverage, or rate becomes effective.
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The date an insurance policy takes effect.
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US: The date on which an insurance binder or policy goes into effect and from which time protection is provided.
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The date on which an insurance policy or bond goes into effect, and from which protection is furnished.
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US: The date on which the insurance under a policy begins.
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The date shown in the declarations of a policy upon which coverage is to take effect. Policies are generally effective at 1201 a.m.
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The date upon which the policy is put in force, the inception date.

Efficacy

Effectiveness of a drug or medical treatment or procedure to produce a certain result under ideal conditions, usually in controlled, expert settings with carefully selected patients. If a medical service results in a health benefit, then it is considered efficacious (effective).

Efficacy risk

The risk that a product may fail to perform its intended function. The failure may cause physical injury or damage or a purely financial loss, e.g. loss of production time. The product liability policy does not pay to replace the product or guarantee its efficacy but liability for injury, or damage consequent upon inefficacy, is insured. Pure financial loss due to inefficacy can be insured under a financial loss extension of a product liability policy or under product guarantee policy. See EFFICACY AND LIQUIDATED DAMAGES INSURANCE.