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Business Definition for: administration
Dictionary of Insurance Terms
administration

performance of management functions associated with administering an employee benefit insurance plan , to include actuarial services, booklet and contract plan designing, billing, accounting, and establishing evidence of insurability for the plan participants.

See also Administrative Services Only (ASO) , administering agency , administrative charge
Related Terms:
Administrative Services Only (ASO)

services provided in an employee benefit plan such as a pension plan. An employer provides the clerical staff to operate the plan, in effect acting as custodian. The trustee provides direction for investment of the plan's funds, usually in a self-directed investment account. Trustee plans are gaining in popularity as both the employer and employees seek more control over pension funds investments. In a self-insured property or liability plan the group may have an ASO contract with an insurance company or a thirdparty administrator to handle claims processing and administration.

administering agency

employer using a self-administered insurance plan; or an insurer that administers a group employee benefit plan. In an employer administered plan, the employer maintains all from the employer's monthly reports.

administrative charge

billing by an administering agency for expenses associated with administering a group employee benefit plan.

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