A benefit payable in lieu of another (e.g., a lump sum benefit may be allowed for specified fractures or dislocations in lieu of weekly indemnity).
Tag: RAW
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.
Effectiveness
Gross health benefits given by a medical service for typical patients in community medical practice settings.
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 and liquidated damages insurance
Engineering policy providing contingency cover for a contractor’s liability to pay liquidated damages for any delay in completion or performance failure due to contractor or supplier error in regard to work under the construction agreement.
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.
Efficient
Activities performed effectively with minimum of waste or unnecessary effort, or producing a high ratio of results to resources.
Efflorescent
When a substance evolves moisture upon exposure to the atmosphere it is said to be efflorescent.