Block of business definition

Block of business means all the individuals insured under the same individual health benefit plan.

Block of business means business that increases the receiving licensee’s, or reduces the transferring licensee’s, fee income by 15% or more; such figure being calculated using the last audited accounts of that licensee;

Block of business means a particular individual policy form or contract providing hospital, medical or surgical expense, long-term care or medicare supplement coverage issued by a carrier to one or more individuals which includes distinct benefits, services and terms.

Examples of Block of business in a sentence

• The Licensor does hereby grant unto the Licensee an exclusive right of first refusal and first option to purchase the inforce LBT Product Block of Business, upon the event of a proposed sale of the Block of Business.

• Licensee’s right of first refusal and option to purchase under this Agreement shall terminate upon expiry of the 30 day period following the first notification of a bona fide offer to purchase the Block of Business.

• This right of first refusal or first option to purchase may only be exercised by Licensee within 30 days from notification by Licensor that Licensor has received a bona fide offer to purchase said Block of Business at the price offered by a third party.

• Loss of exclusivity does not affect Licensee’s rights with respect to Licensor’s sale of the Block of Business.

• Buyer understands and acknowledges that the acquisition of AMDP from Shareholder contains a provision at Section 1.3.2 of this Agreement that allows for additional compensation to be paid to Shareholder based on "AMDP Block of Business" as described in Section 1.3.2 of this Agreement.

More Definitions of Block of business

Block of business means a separate risk pool grouping of covered individuals, enrollees, and

Block of business means a separate risk pool grouping of covered individuals, enrollees, and dependents as defined by rules of the commissioner.

Block of business means a particular policy form or

Block of business means all those individual, group or blanket disability insurance contracts issued by an insurance company under a particular policy form approved by the Wyoming insurance department;

Block of business means a particular policy form or contract of individual accident and health insurance issued by an insurer.

Block of business. ’ means all those insurance

Block of business means a separate grouping of enrollees and dependents as allowed by regulation.