What does Claims Recovery mean?

Claims Recoveries means the total amount of any insurance, indemnity and any other offset or recovery actually received by Parent or the Surviving Corporation for any claim or Qualifying Claim excluding any Claims Payments.

What does reinsurance recoverable mean in insurance?

Reinsurance Recoverable — amount of an insurer’s incurred losses that reinsurers will pay. May require collateralization if the cedent is to record the recoverable as an asset for statutory reporting purposes.

What does right of recovery mean?

Right of recovery – Right of recovery applies to Plan’s right to recover amounts that it pays in benefits for illnesses or injuries caused by someone not covered under the Plan. Subrogation, subrogated – Subrogation (or being subrogated to) means putting one person in the place of another.

How do insurance companies recover money?

In most cases, an individual’s insurance company pays its client’s claim for losses directly, then seeks reimbursement from the other party, or their insurance company. The insured client receives payment promptly then the insurance company may pursue a subrogation claim against the party at fault for the loss.

What is insurance recovery rate?

Recovery rate, commonly used in credit risk management, refers to the amount recovered when a loan defaults. In other words, the recovery rate is the amount, expressed as a percentage, recovered from a loan when the borrower is unable to settle the full outstanding amount.

What is recovery of deductible?

Your deductible is due to the repair shop once repairs are completed. If the other party is found to be at fault for the accident, we’ll begin the deductible recovery process to reimburse you for the amount you paid for your loss.

What are reinsurance claims?

Reinsurance Claim means, with respect to any particular bond or warrant insurance policy, any Claim that has been or could be asserted (directly or indirectly) by any Person that has acted or is acting as a “reinsurer” or in any similar capacity with respect to such insurance policy.

What is recovery and reimbursement?

The reimbursement recovery process allows Security Health Plan to recover overpayments made by Security Health Plan to contracted and non-contracted providers. All verifiable overpayments of a claim by Security Health Plan will be recovered through a recoupment which is an offset against current claim payments.

What is a deductible recovery?