Laserfiche WebLink
11. Definitions <br /> <br /> a. Paid Claims <br /> <br /> Paid Claims for a given period are those claims released for <br /> payment by the Plan on any day during the given ~rfod, <br /> regardless of the date incurred. <br /> <br /> b. Incurred Claims <br /> <br /> 1) Actual Incurred Claims for a given period are all eligible claims <br /> for sez~ices rendered during the period (or after the period, if <br /> during a qua!t£ying benefit period), regardless of tho date paid <br /> by the Plan. <br /> <br /> 2) For purposes of rating a continuing Group, the Incurred Claims <br /> are the Paid Claims during the accounting period, plus an <br /> estimate of incurred but not reported claims at the end of the <br /> period, minus an estimate of incurred but not reported claims <br /> at the beginning of the period. The estimate of incurred but <br /> not reported claims at any time will be based on the Plan's <br /> formula in effect at that time. <br /> <br /> c. Retention <br /> <br /> The char&$ made by the Plan for ad~inistering the Group program <br /> plus an allowance for contingencies and premitun tax. <br /> <br /> d. Maximum Paid Claims Liability <br /> <br /> The actual contract type exposure per month (the sum by <br /> contract type of tha number of contracts reported each month <br /> during the contract period) ~ultipliedby the expected claims <br /> per contract type per month as sho~n on the Estimated Drafting <br /> Schedule provtded by the Plan. <br /> <br />H126A-RA-HHP3 <br /> <br /> <br />