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Word
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Definition
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"Any Willing Provider Laws:"
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"Any Willing Provider Laws:" Legislation that requires managed care plans to accept into their networks any provider willing to agree to the network's terms and conditions.
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"Bed Pan" Mutuals
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"Bed Pan" Mutuals: Small mutual insurance companies, usually operating within a single geographic region, that underwrite medical malpractice insurance.
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"Follow the Fortunes" Clause
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"Follow the Fortunes" Clause: A clause often contained in a reinsurance treaty under which the reinsurer agrees to cover all losses within the terms of the underlying policy, thereby following the fortunes of the cedant.
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"Fresh Start"
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"Fresh Start": A special provision of the Tax Reform Act of 1986 allowing for a phase-in of discounting of loss reserves.
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"Long-Tail" Business
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"Long-Tail" Business: A class of business in which claims take a long period of time to occur or be settled.
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"No Fault" Insurance
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"No Fault" Insurance: A system in which an injured person receives benefits from an insurer without having to establish fault.
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"Play or Pay" Programs
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"Play or Pay" Programs: In the field of health insurance, "play or pay" programs refer to legislative initiatives that would require employers either to provide minimum levels of health insurance to their employees or be taxed to fund publicly supported alternatives.
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"Short-Tail" Business
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"Short-Tail" Business: A class of business in which claims are reported and settled in a relatively short period of time.
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"Stress and Strain" Claims
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"Stress and Strain" Claims: Workers' compensation claims relating to injuries or illnesses arising out of psychological pressures in the workplace. Stress and strain claims recently have emerged as a particularly troubling category of claims in California.
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"Three-Legged Stool"
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"Three-Legged Stool": An historical ideal "model" of retirement income, under which people ultimately would rely on a combination of personal savings, Social Security and an employer-sponsored pension plan to fund their retirement.
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"Time and Distance" Cover
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"Time and Distance" Cover: A form of reinsurance policy that provides the cedant with guaranteed payments. The payment schedule is dependent upon investment yields and not upon traditional risk criteria. See Financial Reinsurance.
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"Write Your Own" Flood Insurance
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"Write Your Own" Flood Insurance: See National Flood Insurance Program.
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