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Term |
Definition |
Paid-Up |
Describes life insurance on which all premiums have been paid but that has not yet matured by death or endowment. |
Plaintiff |
The party who brings a civil action, complains or sues and is so named on the record. |
Portability |
A provision in an insurance contract that allows the insured to retain benefits upon change of job. |
Pre-Certification |
The process of obtaining pre-approval for a medical treatment. |
Pre-Existing Condition |
A condition of health or physical condition that existed before a health policy was issued. Generally, for an insurer to deem a condition pre-existing, the insured must have seen a doctor and been diagnosed for the condition prior to the policy taking effect. |
Pre-Paid Hospital Service Plan |
The common name for a Health Maintenance Organization (HMO) plan. It provides comprehensive health care for members who pay a flat fee for services, including outpatient or hospital treatment. |
Preferred Risk |
An insurance classification indicating a risk that is superior to the average risk on which a given rate has been calculated. Such risks are usually eligible for a reduced rate. |
Premium |
The periodic amount of money paid to keep a policy in force. |
Primary Care |
Basic or general healthcare often administered by a family physician. Depending on the situation, patients also may receive primary care from a nurse, a paramedic or other healthcare provider. Managed care systems try to resolve as many health problems as possible at this level. |
Producer |
Term commonly applied to an agent, solicitor or other person who sells insurance, producing business for an insurance company and generating a commission for himself. |
Proof of Loss |
A formal statement made by the insured to the insurance company regarding a loss. The purpose of the proof of loss is to place before the company sufficient information concerning the loss to enable it to determine its liability under the policy or bond. |
Punitive Damages |
A monetary award to deter or punish a company for its fraudulent, oppressive or malicious behavior. |
