IR imposed maxima on benefits and contributions when calculating maximum benefits in approved occupational schemes. Limits vary according to Class A, B and C membership.
Tag: RAW
Revenue share
Proportion of a medical practice’s total income allocated for a specific type of expense (e.g., practice expense profit share is that proportion of income used to pay for practice expense).
Revenue undertaking
Written undertaking by scheme administrator promising to notify IR in the event of certain circumstances or before taking specified actions, e.g. undertaking that benefits will not exceed IR maximum approvable limits.
Reverse capitation
Payment method in which subspecialists are paid a capitated rate and primary care physicians are paid on a fee-for-service (FFS) basis. This is considered reverse because most managed care plans pay the primary care physician capitated payments and pay subspecialists on an FFS basis.
Reverse liability
Legal expenses insurance item. If the insured is awarded damages for personal injury or damage to property and payment is not made within a given time (e.g. three months) then the insurer will pay in full up to £1 million. The employers’ liability section unsatisfied court judgements – pays the amount of the award if the insured would have been entitled to an indemnity had the award been made against him in respect of an injured employee. See UNRECOVERED DAMAGES.
Reverse membership
In a managed care plan, membership established in the name of a member, who was not previously the subscriber, who is given a new identification number.
Reversed Onus of Proof
The law normally places on a party to a lawsuit the burden of proving certain facts. This onus of proof if sometimes shifted to another party either by statute or by contract.
Reversion
(1) A right to succeed to property or a position. (2) The repossession of property after a lapse of tie or the happening of an event.
Reversionary annuity
Annuity payable to one person (e.g. surviving spouse) upon the death of another (other spouse). If the former dies first, the premiums are forfeited.
Reversionary annuity (Annuity)
A contract, called an annuity, which is really more a type of life insurance contract on an insured. This contract only pays annuity benefits if the annuitant is still alive when the insured dies; for example, if one spouse, the annuitant, is alive as of the death of the other spouse, who is the insured.