Health / Health Insurance / Open Formulary
Open Formulary: The provision that drugs on the preferred list and those not on the preferred list will both be covered by a PBM or MCO.
Open Transaction: A transaction that is not completed at the end of the accounting period: a purchase that has not yet been paid for or a sale where payment is yet to be collected when the accounting period ends.
Open Ticket: Ticket that is valid for transportation between certain points but indicates no specific reservation.
Open Systems Interconnection (OSI): A reference model developed by the International Organization of Standardization. It splits networking into seven layers which provide specific services and communications standards.
Open System: A system that can be adjusted for new functions or purposes, and hence produce new and unpredicted results. Human language is an example of an open system. To a lesser extent, so is XML code . . . View Full Definition
Open Up: Used in the context of general equities. Disclose more information (e.g., the exact price and quantity of one's potential interest). See: Put pants on it.
Open world: This is a game world that allows players to roam freely, and break out of the typically linear structure that most games provide.
Open-End Credit: Revolving line of credit that is extended with every purchase or cash advance.
Open-End Fund: Used in the context of general equities. Mutual fund that continually creates new shares on demand. Mutual fund shareholders buy the funds at net asset value and may redeem them at any time . . . View Full Definition
Open-Buyer-Agency-Agreement: This agreement is a nonexclusive agency contract between a broker and a buyer. It permits the buyer to enter into similar agreements with an unlimited number of brokers. The buyer is obligat . . . View Full Definition