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Market agreement

Voluntary agreement among insurers to establish cost saving practices. Insurers enter into claims agreements to avoid expensive arguments about liability or quantum when each insurer insures a party involved in the same accident. The agreements work best when each insurer writes a similar account so that, overall, the net amount that one insurer would owe another under normal legal processes is insignificant compared with the savings gained. See MEMORANDUM OF UNDERSTANDING.
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An agreement between all the underwriters in a certain section of the Lloyd’s market.

Market Agreement (Indian General Insurance market)

Market agreement is a gentlemen’s agreement entered into by the 04 Public Sector Insurers under the guidance and supervision of GIPSA, It has no legal backing as it is not concluded under any law. Likewise the classes and types of Insurance brought under the market Agreement are to be underwritten by all the companies on the same basis with equal seriousness as a tariffed class.

Market area

Specific geographical region where an insurance plan’s chief market potential is located. It may not be the same as its service area, but many times it can overlap.

Market basket index

Table used by the Centers for Medicare and Medicaid Services (CMS) to compute and update the indexes for most facilities. It takes into consideration three elements: a set of input categories (labor, supplies, purchased services); a set of price proxies that represent price levels for the input categories; and a fixed set of weights (proportions) that represent the importance of each input category in providers’ input expenditures for the base year. The formula is to take the actual or projected values of the price proxies for a year, multiply them by the category weights, and total them to get the overall market basket index value for the year. For physicians’ office practices, see Medicare Economic Index (MEI) .