Define: Claims Paid

How is Claims Paid defined in a legal contract?

• Claims Paid means the total amount of payments made in response to incurred obligations. Seen in 6 SEC filings.
• Claims Paid means the amount payable and paid to the provider based on recognized charges. Seen in 3 SEC filings.
• Claims Paid means all disbursements made by a health carrier. Seen in 2 SEC filings.
• Claims Paid means the basis in which benefits may be made available to members, as outlined in rule 6.4. Seen in 2 SEC filings.
• Claims Paid means the amounts settled for the covered employees of an employer by an insurer, not including expenses for stop-loss coverage, reinsurance, educational programs or other cost containment programs, administrative costs or profit. Seen in 2 SEC filings.
• Claims Paid means a payment made on behalf of the insured in response to a judgement, repair, or settlement of a claim. Seen in 1 SEC filing.
• Claims Paid means, for incurred claims, the amount for which liability is discharged by the contractor's payment on behalf of the organization, not including amounts attributable to provider savings, deductibles, coinsurance, and contract limitations. The amount of claims settled during the rating period is determined by the date of the contractor's check or remittance. Seen in 1 SEC filing.

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of claims paid' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

Claims Paid means the total amount disbursed in response to incurred obligations.

Relevant Contract Types

• Insurance Policy Contract
• Health Care Provider Agreement
• Reinsurance Contract

Relevant Circumstances

• Where an insurance policy holder makes a claim for a loss, accident or health condition.
• In situations where a health care provider is required to provide care for a patient and is then reimbursed by an insurance company.
• In cases where an insurance company seeks reinsurance cover for risk management purposes.

Relevant Sectors

• Insurance
• Healthcare
• Banking and Finance

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Genie Definition 2

Claims Paid means the final payment made by an insurer for a covered entity or individual, excluding additional costs like administrative expenses or profit.

Relevant Contract Types

• Professional Liability Insurance Agreement
• Workers Compensation Contract

Relevant Circumstances

• In situations where a professional is held liable for negligent actions resulting in damage or loss to a client.
• In cases where an employee is injured in the workplace and the employer's insurance covers the resultant medical expenses.

Relevant Sectors

• Professional Services
• Human Resources & Workplace Safety

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