The principle on which the case is decided. It makes the decision a precedent for the future development of the law.
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The principle of law on which a judgment in a lawsuit is based.
Tag: RAW
Ratio test (Pensions)
A test of coverage, wherein a certain amount of employees on the lower end of the pay scale who benefit from the plan must equal 70 percent of the employees on the higher end of the pay scale.
Ratios
The following ratios are important for monitoring performance or calculating premiums: 1. Burning ratio. Insurance claims as a percentage of total premiums for current policies. 2. Claims (or loss) ratio. Incurred losses in relation to earned premiums. 3. Expense ratio. Insurers’ total expenses in relation to written premiums. 4. Combined or composite ratio. Sum of (2) and (3), a figure below 100 per cent indicating that an underwriting profit has been achieved.
Ratios Audit
Ratios derived from an Insurer’s financial statement that are useful in assessing its financial strength. Audit ratios are part of the Insurance regulatory information system.
Raw materials
Materials acquired for manufacturing purposes. The item on raw materials in a manufacturer’s fire insurance is valued at market value immediately prior to the loss. Once worked upon but not yet incorporated in a finished product, the materials become part of ‘work in progress’ which takes account of labour costs and other direct expenses incurred.
RBC Ratio Percentage
Current surplus measured to RBC. Company or regulatory action may be required at various levels.
RC
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating a specific vessel (right coronary artery) in a stent placement, balloon angioplasty, and/or atherectomy.
RD
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating drug given to beneficiary but not administered “incident-to.”
Reaction To Risk
How we behave in a situation where the future is unknown.
Readabililty standards
Required criteria that insurance policies contain basic easy-to-understand English so that the average consumer can comprehend the meaning. A formula is used to determine the level of readability.