Classified by Lloyd’s as loss events in excess of £20m in a reporting period and include catastrophe losses. Insurance companies may have different classifications of major losses depending upon their nature and size of business.
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Major diagnosis
Patient’s condition that uses the most resources during hospitalization. This may differ from the admitting and principal diagnoses.
major diagnostic categories (MDCs)
Broad classifications of diagnoses grouped by organ system that are medically related by diagnosis, treatment, or similarity, or that are statistically similar by length of stay in a hospital. There are 83 coding system–oriented MDCs in the original diagnosis-related groups (DRGs) and 23 body system–oriented MDCs in the revised set of DRGs. MDCs are used in DRG payment.
Major hospitalization policy (Health Insurance)
A policy that is essentially the same as major medical insurance, but that only covers expenses from the time the insured is hospitalized.
Major medical
Health insurance policy designed to offset heavy medical expenses resulting from catastrophic or prolonged illness or injury. Usually there is a deductible, coinsurance, and large benefit maximums. Also called catastrophic coverage, catastrophic insurance, catastrophic health insurance , or major medical expense insurance .
Major medical expense insurance
Type of health insurance that has benefits for medical expenses up to a high maximum benefit. Generally these policies have internal limits and the insured must pay a deductible and coinsurance. Sometimes referred to as major medical .
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Policies especially designed to help offset the heavy medical expenses resulting from catastrophic or prolonged illness or injury. They provide benefit payments for 75-80 percent of all types of medical treatment by a physician above a certain amount first paid by the insured person and up to the maximum amount provided by the policy.
Major Medical Expenses Insurance
Contractual protection for major surgical, hospital or medical expenses, usually, a high deductible is applicable and Insurance protection above that amount is payable upon a claim. Even some policies are written without a maximum limit.
Major medical insurance (Health Insurance)
A kind of health insurance policy that carries a high deductible and covers most medical expenses. This type of policy limits the amount that will be paid for specific expenses, such as a hospital room, and a clause that requires a certain percentage participation.
Major procedure
1. Commonly used phrase in describing a surgical intervention that may have 30 to 90 follow-up days. A major primary operative procedure may be considered by insurance third-party payers to be part of a surgical package or Medicare global package. 2. Medical procedures greater than 5 minutes that involve the operating room setting and there is risk and complexity of decision-making throughout the procedure.
Major services
In dental insurance, dental benefits including inlays, crowns, prosthodontics, and orthodontics that are covered at 50% of their reasonable and customary fees.