The Ceding Company binds herself to retain for own account a fixed proportion of all its business in a class, up to a limit, and cede a fixed proportion of all business up to an agreed amount to the Reinsurer, and give the corresponding proportion of the premium income.
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A reinsurance treaty which provides that the reassured shall cede to the reinsurer a specified percentage of all the premiums that it receives in respect of a given section or all of its underwriting account for a given period in return for which the reinsurer is obliged to pay the same percentage of any claims and specified expenses arising on the reinsured account.
Tag: RAW
Quotation
A statement of the premium that an underwriter requires to underwrite an insurance/ reinsurance risk based on the information supplied by the person seeking cover, either directly or via their broker. A quotation may be conditional, eg it may be subject to the provision of further information, or not. If a quotation is accepted before it is withdrawn, then subject to the satisfaction of any conditions that may attach to the quotation, an insurance/reinsurance contract will be made. Compare indication.
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A statement of the premium that an underwriter requires to underwrite an insurance/reinsurance risk based on the information supplied by the person seeking cover, either directly or via their broker. A quotation may be conditional, e.g., it may be subject to the provision of further information, or not. If a quotation is accepted before it is withdrawn, then subject to the satisfaction of any conditions that may attach to the quotation, an insurance/reinsurance contract will be made.
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MEDICAL,USA,REFERENCE: See: proposal .
Quotation slip
A slip upon which a Lloyd’s underwriter presents terms for consideration by the oposer without either party being committed to a transaction.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company by the applicant.
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An estimate of the cost of insurance, based on information supplied to the insurance company by the applicant.
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MEDICAL,USA,REFERENCE: See: proposal .
QV
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating an item or service provided as routine care in a Medicare-qualifying clinical trial. To be reported using ICD-9-CM diagnostic code V70.7 as the primary diagnosis for CMA-1500 claims and as a secondary diagnosis for Uniform Bill (UB-04) claims.
QW
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating a clinical laboratory improvement amendment (CLIA) waived test.
QX
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating a certified registered nurse anesthetist (CRNA) service with medical direction by a physician. Payment is up to 55% of the amount that would have been allowed if personally done by a physician.
QY
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating medical direction of one certified registered nurse anesthetist (CRNA) by an anesthesiologist.
QZ
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating a certified registered nurse anesthetist (CRNA) service without medical direction by a physician.R