IBNR Reserves definition

IBNR Reserves means, as of any date of determination, the Reserves attributable to claims incurred prior to a specified date that have not been reported as of such specified date.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

IBNR Reserves represent the funds necessary to cover claims Incurred But Not Reported. For purposes of this contract, IBNR Reserves = 2.5 months of Expected Claims. These are claims for which members have received services but the claims have not been paid or billed to the University. Surplus represents amounts in the Health Care Fund exceeding IBNR Reserves + Margin. Actual Costs = Paid Claims + Fixed Costs – Prescription Drug Rebates

IBNR Reserves means a balance sheet estimate, made in accordance with GAAP, for Health Claims incurred under Company Contracts as of the balance sheet date but not yet paid by the Company as of the balance sheet date.

Examples of IBNR Reserves in a sentence

For purposes of this contract, IBNR Reserves = 2.5 months of Expected Claims for medical, prescription drug, dental and vision claims.
Components of the Target Reserve: IBNR Reserves - represent the funds necessary to cover claims Incurred But Not Reported.
For purposes of this contract, IBNR Reserves = 2.5 monthsof Expected Claims for medical, prescription drug, dental and vision claims.
For purposes of this contract, IBNR Reserves = 2.5 months of Expected Claims.
At the time the July 1st Funding Level is established, any amount in the Health Care Fund exceeding IBNR Reserves + Margin will be called Surplus.
IBNR Reserves represent the funds necessary to cover claims Incurred But Not Reported.
Surplus represents amounts in the Health Care Fund exceeding IBNR Reserves + Margin.
Buyer shall have received evidence, reasonably satisfactory to Buyer and counsel for Buyer, that all of the consents disclosed in Sections 6.16, 6.17, 6.18 and 7.03 and Schedules 6.18 and 7.03 have been duly obtained (including a specific approval of Healthsource, Inc.'s normal method of calculating IBNR Reserves), have been issued with no conditions or only with conditions affecting Buyer or the Transferred Business after Closing that are satisfactory to Buyer in its sole discretion.

More Definitions of IBNR Reserves

IBNR Reserves means, if the Plan is confirmed as a CDOW-Only Plan, reserves of Assets in an amount necessary to adequately reserve for incurred-but-not-reported claims under the Debtor’s self-insured lay and clergy health plans, which reserves shall be held and administered by the Reorganized Debtor pursuant to Section 15.4.8.5.

IBNR Reserves means both Pure IBNR Reserves and Bulk IBNR ------------- Reserves.