A financial guarantee insurance that protects a lessor against unexpected declines in the market value of leased equipment (vehicles, aircraft, heavy machinery) upon termination or expiration of the lease agreement. The insurance helps the lessor manage the asset value risk inherent in leasing.
Tag: RAW
Residuary
The balance remaining, as in an estate after specific bequests and debts have been paid.
Resilience test
Regulatory test imposed on UK life insurers to ensure that they can withstand a specific fall in equity market values without breaching their required margin of solvency. The result is embedded in the calculation of technical provisions instead of being presented as solvency capital. The appointed actuary is expected to apply his own judgement in considering matters relevant to the test.
Resisted claim
Insurance claim that an insurance company refused to pay but may pay in the future.
Resolicitation
Sales drive carried out to enroll eligible individuals who are not covered into an existing group insurance plan. Also called recanvass .
Resource based relative value scale (RBRVS) (Health Insurance)
A scale used by Medicare to determine how doctors will be compensated.
Resource costs
Expense used by a physician to render a service or procedure that includes the doctor’s time and effort and the expenses of nonphysician time and effort.
Resource management
Administration of the health care product in a cost-effective manner and maintaining quality of health care and contributing to the goals of the organization.
resource utilization group (RUG-III)
Patient classification system that obtains patients’ medical data and health status information from the minimum data set (MDS) to assign each patient to a resource group for Medicare reimbursement. The RUG-III system has seven major categories of patient types: rehabilitation, extensive services, special care, clinically complex, impaired cognition, behavior problems, and reduced physical function. These categories are further broken down into 44 specific patient groupings.
resource-based relative value scale (RBRVS)
System of national uniform relative values for all physicians’ services. It ranks physician services and procedures by units that provide a formula to determine an annual Medicare fee schedule. Relative value units (RVUs) are based on the physicians’ work RVU, practice expense RVU, and cost of professional liability insurance RVU (see Figure R-1 ). RVUs are adjusted for each Medicare local fiscal agent by geographical practice cost indices. A conversion factor is used to convert a geographically adjusted relative value into a payment amount. Also called resource-based relative value unit (RBRVU) and synonymous with Medicare fee schedule . Formula used to calculate the fee for a specific procedure using the resource-based relative value scale system. CPT, Current Procedural Terminology; GPCI, geographical practice cost indices; HCPCS, Healthcare Common Procedure Coding System; RVUs, relative value units.