Insurance agreement that is not a valid agreement.
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UK: Without legal effect. All fraudulent contracts are void. The Gaming Act 1845 rendered all gaming contracts null and void. Insurances without insurable interest are wagering contracts and therefore void.
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A contract obtained by fraud is a void contract.
Tag: USA
Volcanic insurance coverage
See: catastrophe insurance policy .
Volume
1. Amount of space taken by a body as stated in cubic units. 2. Number of services, procedures, or tests performed. 3. Number of patients seen in a medical office or hospital facility. 4. Number of patients in a diagnosis-related group (DRG) during a certain period of time.
Volume and intensity of services
In the Medicare program, quantity of medical services per beneficiary, taking into account the number and complexity of the services provided.
Volume behavioral offset
Change factor in the volume of services that occurs in reaction to a change in fees. It is used in the annual setting of the Medicare volume performance standard (VPS), resulting in higher annual payments than would otherwise be expected.
Volume discount
Reduction in premium rate applied to new group insurance coverage based on total case premium for specific coverage or total premium and premium per employee certificate.
Volume loading
Increase in premium rate applied to new group insurance coverage based on total case premium for specific coverage or total premium and premium per employee certificate.
volume performance standard (VPS)
Method for updating and adjusting fees based on annual increase in actual expenditures compared with previously determined VPS rates of increase. It is the desired growth rate for spending on Medicare fvPart B physician services that is set each year by Congress.
Voluntary agreement
Contracts between the Centers for Medicare and Medicaid Services (CMS) and various insurers and employers to exchange Medicare information and group health plan eligibility information for the purpose of coordinating health benefit payments.
Voluntary controls
Measures that providers have agreed to establish to assist in keeping medical costs down.