Professional Standards Review Organization (PSRO)
Definition of "Professional standards review organization (PSRO)"
Group that monitors government health insurance programs. Authorized by the 1972 amendment to the Social Security Act, PSROs were set up to cut costs and minimize abuses by checking on the need of applicants for care and the cost and quality of care.
Popular Insurance Terms
Method of classifying risks to establish equitable rates. In many property and liability insurance lines, the location of an insured has a significant impact on the loss experience. For ...
Circumstances in life insurance in which, although a minimum rate is guaranteed, a policyowner may earn additional (excess) interest, depending on the company's investment return. ...
Requiring assets and liabilities of an insurance company to go up or down together on a proportional basis. The duration of the asset and liability should be approximately the same. For ...
Condition that results from injury or disease that is not job related. Workers compensation applies to employees disabled by on-the-job injuries or disease. In addition, five states require ...
Computer system established by London trade associations for processing insurance policies. The work of LIMNET involves the notification and settlement of insurance policy claims. ...
Clause in a property insurance policy that requires the insurance coverage in that policy to be allocated in the proportion that it bears to the total insurance coverage in force from all ...
Bureau insurer that files its statistical and underwriting experience with a rating bureau. ...
Plan under which an employee authorizes his or her employer to deduct from each paycheck premiums due on an insurance plan. ...
Frequency of premium payment; for example annually, semiannually, quarterly, or monthly. ...
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