A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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Reversionary bonus

the share of surplus allocated to holders of with-profits policies at the insurer’s year-end; sometimes called annual or guaranteed bonus, and payable in the same circumstances as the sum assured. Once declared it cannot be taken away and is added to the sum assured; but see Market value reduction.
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A sum added periodically during the currency of a with profits life insurance which becomes payable at the same time and in the same circumstances as the sum insured.

Review

1. Independent, critical examination of an insurance claim made by the insurance carrier personnel not involved in the initial claim determination. 2. Request for a redetermination to the local Medicare carrier by telephone or in writing. 3. Brief note or a provider’s initials appended to a test report is considered a review; when billing, it is included in evaluation and management services.

Review committee

Group of individuals who evaluate insurance claims that have been denied payment by the insurance carrier and appealed by the provider of the medical services. In the Medicare program, this process is called redetermination and was formerly known as review .

review of systems (ROS)

Inventory of body systems obtained through a series of questions that is used to identify signs and/or symptoms that the patient might be experiencing or has experienced. ROS may clarify the differential diagnosis or identify needed tests. A documented report of the body system directly related to the problem must be identified in the history of present illness (HPI) plus all additional body systems (at least 10) for comprehensive assessments. Also called system review .

Revival

The reinstatement of a lapsed policy by the company on receipt of evidence of insurability and payment of past due premiums with penalty and/or interest and subject to proviso that no claim arose during the period of lapse and that no claim shall be entertained if occurred/arose during the period of lapse.

Revival clause

Allows the holder of a lapsed life policy to apply for a revival notwithstanding that the grace period and the non-forfeiture period have both expired. The period allowed is one or two years from the days of grace. The policyholder must pay a revival fee, the overdue premiums plus interest and submit evidence of health as required by the office.