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 comparing the costs of a set of cash value life insurance policies that takes into account the time value of money. The true costs of alternative cash value policies with the same ...
Federal legislation passed in 1974 that mandated that legislators in all states that are in receipt of federal funds for health care review and approve any planned capital expenditures to ...
Stipulations of the rights and obligations of an insured and an insurer under a policy. ...
Item given or sold to a buyer that establishes a standard of quality by which later products will be judged. Since the uniform commercial code does not distinguish between a sample and a ...
Third-in-line beneficiary to receive benefits from an insurance policy should the primary and secondary beneficiaries not survive. ...
Interest earned on dividends from a participating life insurance policy left on deposit with the insurance company and subject to taxation. ...
Monetary value of the reputation of a business. Goodwill is an intangible asset and thus may be difficult to measure. ...
Policy similar to that of an individual universal life insurance policy except that the coverage is provided (up to a limit) without the requirement of the submission of evidence of ...
Length of time required to amortize the excess expenses of acquiring a given group of life insurance policies. In acquiring a policy, a life insurance company may incur expenses (such as ...
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