p p p

P FACTOR (Table: PLAN_VALUES): P-Factors, as used in surrender calculations.
PAID AMOUNT (Table: POST_VOUCHER_BILL): Amount that has been paid on this bill.
PAID TO DATE (Table: GRP_POL): The date upto which the policy has been paid to. Or conversely the due date of the next premium payment. Prior to the payment of the first premium this will be null.
PAID UP SA FACTOR (Table: PLAN_VALUES): Factors to be used in manual Paid Up calculations effecting the face amount of a policy
Paid-up additions: Additional life insurance purchased with policy dividends. No additional premiums are needed for paid-up additions. Also called dividend additions.
Paid-up policy: An insurance policy that will provide benefits in the future but that requires no further premium payments.
Paramedical report: A report based on a physical examination and a medical history completed by a medical technician, a physician's assistant, or a nurse, rather than a physician. A paramedical report describes the health of a proposed insured and can serve as part of an insurance application.
Partial disability: A disability that prevents an insured from engaging in some of the duties of his or her usual occupation or from engaging in the occupation on a full-time basis.
Partial disability benefit: A flat amount specified in a disability income insurance policy that is payable when the insured suffers a partial disability. Usually the partial disability benefit is half the full disability benefit. See also residual disability benefit.
Partial plan termination: The termination of a pension or employee-benefit plan for one group of participants but not for another. Sponsors sometimes do this to reclaim some of the assets of an over funded plan.
Participating policy: A type of life insurance policy or annuity under which policy dividends may be paid to the policy owner. Also called a par policy. See also dividend.
Partnership insurance: A type of business insurance designed to provide funds so the remaining partners in a business can buy the business interest of a deceased or disabled partner. See also business-continuation insurance.
Past service: The period of employment service rendered by an employee before a pension plan was begun or amended or before the employee enrolled in the pension plan. A plan sponsor must decide whether pension benefits will be credited to an employee for the employee's past service or only for current and future service. See also future service.
PAYEE (Table: GENACCTRN): This field contains the name of the payee.
Payee: The person to whom benefits are payable under a supplementary contract. See also supplementary contract.
PAYMENT DT (Table: GRP_POL): This date specifies when the next payment for an irregular installment should be collected. This field is used for the payment mode = 'P' - Policy Dependant, which requires entry of the installment details: - payment date - percentage of total annual premium.
Payment of insurance money into court: In the common law jurisdiction of Canada, an action that an insurer takes when the insurer admits liability to pay policy proceeds but cannot determine the proper recipient. Once the insurer pays the money into court, the insurer is discharged of any further liability under the policy. In Quebec, an insurer in such a situation can obtain a valid discharge of liability by paying the policy proceeds to the Minister of Finance. In the United States, the process is called interpleader.
PAYMENT PERC (Table: GRP_POL): This is a multivalue field which specifies percentages of the total annual premium for each installment. This field is used for the payment mode = 'P' - Policy Dependant, which requires entry of the installment details: - payment date - percentage of total annual premium.
PAYOR (Table: POST_VOUCHERS): PAYOR Client name
PAYOR (Table: POST_VOUCHER_BILL): PAYOR Client number
PAYOR ADDRESS (Table: POST_VOUCHERS): PAYOR ADDRESS Client address
PAYOR CD (Table: POST_VOUCHERS): PAYOR CODE Payor/Client number
Payroll deduction plan: (1) See salary-reduction plan. (2) A premium payment method for individual insurance under which an individual's employer deducts the employee's premium amount from his or her paycheck and sends the premium to the insurer.
Peer review group: A group of local physicians who help solve insurance claim disputes and promote fair and ethical practices in the health-care industry.
Pension: A life income payable to a person who has retired.
Pension Benefit Guaranty Corporation (PBGC): In the United States, the organization which insures benefits in defined benefit pension plans. Its purpose is to make sure that all participants in qualified defined benefit pension plans receive the vested benefits to which they are entitled, even if their pension fund goes bankrupt.
Pension Benefits Guarantee Fund: In Canada, a fund established in the province of Ontario to guarantee payment of benefits in the case of the insolvency of a defined benefit pension plan.
Pension Benefits Standards Act (PBSA): In Canada, federal legislation that governs the administration of pension plans covering federal employees and those individuals whose employment falls under the legislative authority of the Canadian Parliament (including those working in the transportation field, telecommunications workers, and bank workers).
Pension fund: (1) The assets used to pay the pensions of retirees. (2) An investment institution established to manage the assets used to pay the pensions of retirees.
Pension Index: In Canada, the index used by the Canada Pension Plan and Quebec Pension Plan to vary pension benefit payments to reflect the effects of inflation. The Pension Index is based on the Consumer Price Index.
Per capita beneficiary designation: A class beneficiary designation under which life insurance policy proceeds are shared only by those class members who survive the insured. Contrast to per stirpes beneficiary designation.
Per stirpes beneficiary designation: A class beneficiary designation under which the descendants of a deceased class member receive the deceased class member's share of the life insurance policy proceeds. Contrast to per capita beneficiary designation.
Per-cause deductible: A deductible which must be satisfied for each separate accident or illness before major medical benefits will be paid. Also known as a per-disability deductible. Contrast with all-causes deductible.
Per-cause maximum: For any individual, the maximum amount that a medical expense policy will pay for medical expenses resulting from any particular illness or injury.
PERCENTAGE (Table: RATETABLE): Theis field contains the percentage by which the base premium is multiplied.
Percentage contribution: The amount of the premium that a group member pays in a contributory group insurance plan. Also known as employee contribution or member contribution. See also contributory group insurance.
Percentage participation: See coinsurance.
Period certain: The specified time during which the insurer unconditionally guarantees that benefit payments will continue under a settlement option or annuity.
Permanent and total disability: A condition that prevents an insured from returning to any gainful employment.
Persistency: The retention of business that occurs when a policy remains in force as a result of the continued payment of the policy's renewal premiums.
Personal interview report: A report that contains the same types of information as an inspection report, except that the personal interview report relies on the proposed insured as the only source of information. See also inspection report.
Personal Producing General Agency (PPGA) system: A personal selling distribution system that relies on the use of PPGAs.
Personal Producing General Agent (PPGA): A type of general agent who more closely resembles a broker than an agency manager. Most PPGAs are under contract to several insurance companies and spend the majority of their time selling insurance rather than building and managing an agency office.
Personal selling distribution system: An insurance distribution system that uses commissioned or salaried sales personnel to sell products through oral presentations made to prospective purchasers.
PHONE NUM1 (Table: BANK_DETAILS): Primary phone numberb for the bank.
PHONE NUM2 (Table: BANK_DETAILS): Secondary phone number for the bank.
Physical examination provision: A health insurance policy provision that grants the insurer the right to have an insured who has submitted a claim examined by a doctor of the insurer's choice at the insurer's expense.
PLAN (Table: GENACCTRN): This field contains the plan code to which this entry refers, needed for certain accounts - such as premium income, commission, claims.
PLAN CD (Table: DAILY_FORWARD_PRICE): The plan code pertaining to the transaction
PLAN CODE (Table: PLAN_VALUES): Enter the code of the plan for which you are entering or displaying plan values.
PLAN CODE (Table: BILLING_PAYMENTS): Plan code for the item being billed -set for group policy list billing to determine the ptr / plan code grouping that needs to be updated in the group policy summary certificate information.
PLAN CODE (Table: GRP_POL): The plan code for this policy.
Plan document: A written document that is adopted by an employer and that specifies the terms of a pension plan. A plan document identifies the benefits the participants are to receive and the requirements they must meet to become entitled to those benefits.
Plan participant: A person on whose behalf contributions are made or benefits are accrued under a pension or employee-benefit plan.
Plan sponsor: An entity which has adopted and maintains a pension or employee-benefit plan. The plan sponsor is often an employer, but may be a union, a trade or professional association, or a committee composed of representatives of a number of employers or associations.
PLANS (Table: POST_VOUCHER_BILL): Plan codes
PO BOX (Table: BANK_DETAILS): Post office box address for the bank.
Policy: A written document that serves as evidence of an insurance contract and contains the pertinent facts about the policy owner, the insurance coverage, the insured, and the insurer.
POLICY (Table: GENACCTRN): Please enter the Policy number. If entering a Group Policy with/without a Certificate Number delimit the Policy no Year and Certificate with spaces or [*]. The number will be automatically reformatted to system standard.
POLICY (Table: POST_VOUCHER_BILL): Enter the Post Voucher Reference which you wish to reconcile/input/reverse
POLICY (Table: LETTERS_SENT): Policy Number
POLICY (Table: POST_VOUCHERS): POLICY Policy number
POLICY (Table: BONUS_PRT): Policy number
POLICY (Table: BILLING_PAYMENTS): For group policies this will be group policy number + '+/' + scheme year.
Policy acquisition costs: Costs that are directly attributable to the production of new business. Also called acquisition expenses.
Policy anniversary: The anniversary of the date on which a policy was issued. Sometimes simply called the anniversary.
POLICY BRANCH (Table: GRP_POL): The Branch which is responsible for the servicing of this Policy.
Policy charge: An amount that an insurer adds to the gross premium to help cover the insurer's expenses. This amount is the same regardless of the size of the policy. Also called a policy fee.
Policy filing: The process of obtaining legal permission to sell an insurance product in a specific jurisdiction.
Policy loan: A loan that is made to a life insurance policy owner by an insurer. A policy loan is secured by a policy's cash value and cannot exceed the cash value. When the policy benefits are paid, the amount of any outstanding policy loan made against the policy is deducted from the benefits.
POLICY NO (Table: GRP_POL): This is the system generated scheme policy number.
POLICY NO (Table: DAILY_FORWARD_PRICE): The policy number pertaining to the transaction.
POLICY NO (Table: POST_VOUCHER_BILL): POLICY NO Policy number
POLICY NUMBER (Table: BANK_TRANSACTIONS_DONE): Number of the policy to which the transaction has been reconciled
Policy owner: The person or party who owns an individual insurance policy. The policy owner is not necessarily the person whose life is insured. The terms policy owner and policyholder are frequently used interchangeably.
Policy proceeds: The amount that the beneficiary actually receives from a life insurance policy after adjustments have been made to the basic death benefit for policy loans, dividends, paid-up additions, late premium payments, and supplementary benefit riders. Compare to basic death benefit and death benefit. Also called net policy proceeds.
Policy provisions: The statements, following the face page of an insurance policy, that describe the operation of the insurance contract.
Policy reserve: (1) A liability account that identifies the amount of assets that, together with the future premiums to be received from in-force policies, is expected to be sufficient to pay future claims on those in-force policies. (2) The actual assets that guarantee that the insurer will have sufficient funds to pay future claims. See reserve for a list of reserves.
Policy summary: A document, often in the form of a computer printout, that contains certain legally required data regarding the specific policy being considered by an applicant.
POLICY TYPE (Table: BONUS_PRT): The policy class from either the plan header or from the scheme name on the policy record if it has been entered on new business.
Policy year: The 12-month period between a policy's anniversaries.
POLICY YEAR (Table: GRP_POL): For annually renewable group policies, enter the policy year.
Policyholder: (1) The company or organization that owns a group insurance contract (called the group policyholder in Canada). The policyholder of a group insurance contract does not have the same ownership rights under the contract that a policy owner has under an individual contract. (2) In Quebec, the owner of an individual life insurance policy (called the policy owner in the United States and the insured in the rest of Canada). Also sometimes called the owner in Quebec. (3) Often used interchangeably with policy owner.
Pooling: In group insurance, the practice of underwriting a number of small groups as one large group.
Portability: A pension plan participant's right to transfer (usually tax-free) pension credits that have accrued under a pension plan sponsored by one employer to a plan sponsored by another employer.
Portfolio: (1) A group of investments managed or owned by an individual or organization. (2) All of the products offered by an insurance company.
Portfolio method: A method of accounting among insurers in which each customer or policy owner receives a rate of interest equal to the average rate of interest earned on the entire portfolio of assets in the insurer's general account. Compare to the investment year method (IYM).
POST CODE (Table: BANK_DETAILS): Bank address post code.
Post-notice: As required by the Fair Credit Reporting Act, a form that the insurer must send to an applicant in cases in which the insurer has made an adverse decision based on information contained in a report from a consumer reporting agency.
Power of agency: An agent's right to act for an insurer. The power of agency is established through agency contracts between an insurer and its agents.
Pre-existing condition: (1) In individual health insurance, an injury that occurred or a sickness that first manifested itself before the policy was issued and that was not disclosed on the application. (2) In group health insurance, a condition for which an individual received medical care during a specified period, usually three months, immediately prior to the effective date of coverage.
Pre-existing conditions provision: A provision in most medical expense insurance policies stating that until the insured has been covered under the policy for a certain period, the insurer will not pay benefits for any pre-existing condition.
Pre-notice: As required by the Fair Credit Reporting Act, advance notice to an insurance applicant from an insurer that an investigative consumer report may be made on the applicant.
Preadmission review: A component of a utilization review program that requires an insured person, or that person's physician, to obtain prior authorization from an insurer before any non-emergency hospitalization.
Preauthorized payment system: A method of payment in which a policy owner signs a two-part authorization for the payment of insurance premiums. The first part authorizes the insurance company to withdraw funds from the policy owner's bank account in the amount of the premium due. The second part authorizes the bank to honor the withdrawals, which do not contain the policy owner's signature. When the preauthorized payment system is implemented through the use of checks, it is called the preauthorized check (PAC) system.
Predetermination of benefits provision: A provision often included in dental policies which specifies that when dental treatments are expected to exceed a stated level, such as $100, $150, or $200, the dentist should submit to the insurer the proposed treatment plan for the patient so that the insurer can determine the amount payable by the dental plan. Also known as a preauthorization of benefits provision, precertification of benefits provision, or pretreatment review provision.
Preference beneficiary clause: Life insurance policy wording which states that if no specific beneficiary is named, the insurer will pay the policy proceeds in a stated order according to a list of individuals included in the policy.
Preferred beneficiary: In Canada, a class of beneficiaries applicable to policies issued before June 30, 1962, and consisting of the spouse, children, parents, and grandchildren of the insured. The policy owner can change the beneficiary of a policy from a preferred beneficiary to a beneficiary who is not a preferred beneficiary only with the consent of the preferred beneficiary.
Preferred Provider Organization (PPO): A group of hospitals and physicians that makes a contract with employers, insurers, and other organizations to provide comprehensive health care services at discounted fees for individuals who are members of the PPO.
Preferred risk class: In life insurance, a risk class that consists of individuals whose anticipated mortality is lower than the norm established for the standard risk class. Among other things, people in the preferred risk class are in excellent physical condition, have good family medical histories, and do not smoke. Sometimes called the superstandard risk class.
Preliminary inquiry form: A type of application form used when there is a high probability that a policy either will not be issued or will be issued with such a high substandard rating that the policy premium will be unacceptable to the applicant. Using a preliminary inquiry form usually brings a quick response from the underwriting department. Also called a trial application.
Premium: The payment, or one of a series of payments, required by the insurer to put an insurance policy in force and keep it in force.
Premium deposits: Amounts that are left on deposit with the insurer for the payment of future premiums.
Premium receipt: An acknowledgement of an insurer's receipt of an initial premium.
Premium receipt book: A book given to the policy owner when a home service agent makes a policy sale. The premium receipt book contains prenumbered receipts that are signed by the agent when the agent collects a premium.
Premium reduction option: A life insurance policy dividend option under which policy dividends are applied toward the payment of renewal premiums.
PREMIUM TRACK REFERENCE (Table: GRP_POL): Premium Tracking Reference codes.
Preretirement survivor annuity: A pension plan provision which specifies a benefit for the surviving spouse of a vested plan participant if the participant dies before retirement. In the United States, qualified plans are required to include this provision, as are registered plans in Canada.
Prescribed Annuity Contract (PAC): In Canada, a kind of annuity that meets the criteria established by the Income Tax Regulations to qualify as exempt from accrual taxation.
Present value: The amount of money that must be invested on a certain day, sometimes called the evaluation date, in order to accumulate to a specified amount at a later date.
Present value factor: The number by which an amount of money to be paid later is multiplied in order to derive the present value of that money.
Presumptive disability: A condition that, if present, automatically causes an insured to be considered totally disabled. Examples of presumptive disabilities are total and permanent blindness or loss of two limbs.
PREV BONUS TOTAL (Table: BONUS_PRT): The total of previous bonuses paid.
PRICE DATE (Table: VALUATION_PRICES): This is the date that the unit prices pertain to. The default value is the master effective date.
Prima facie rate: In group creditor insurance in the United States, the standard premium rate recommended by state government regulators for a contributory policy. An insurer can not charge more than the prima facie rate when a contributory group creditor insurance policy is first issued. Contrast with deviated rate.
Primary beneficiary: The party or parties who have first rights to receive policy benefits when the benefits of an insurance policy become payable.
Primary provider of benefits: In a coordination of benefits situation, the medical expense plan that pays the full benefits provided by its plan before any benefits are paid by another medical expense plan.
Principal: A party who authorizes another party, the agent, to act on the principal's behalf in contractual dealings with third parties. Called the mandator in Quebec.
Probability: The likelihood of some event occurring. In mathematics, probability is the number of times that something is likely to occur out of a number of possible occurrences. Probability theory is an essential aspect of the mathematical foundations of insurance.
Probationary period: See waiting period.
Proceeds: The amount of money that the insurance company is obligated to pay for the settlement of a life insurance policy, endowment insurance policy, or annuity.
PROCESSING DATE (Table: BATCH): This is the date on which the transactions in the batch will be processed. It is the date entered on the Master Sign On screen.
Professional reinsurer: An insurance company whose only or major line of business is reinsurance.
Profit sharing pension plan: In Canada, a money purchase pension plan in which employer contributions are linked to company profits. Employers must make a minimum contribution of 1% of employee earnings, regardless of whether they make a profit, and the plan is subject to the same legal requirements as pension plans.
Profit sharing plan: An employee-benefit plan whereby the employer pays a portion of the company's profits to the employees. The employer's contributions are discretionary and may be (1) paid in cash or stock when profits are determined, (2) deferred to individual accounts for each employee, or (3) distributed by a combination of the two methods. Profit-sharing plans can be used as a source of retirement income or as a more short-term savings/investment vehicle.
PROGRAM NAME (Table: REPORT): This is the name of the program to run when this option is selected. The program is run via the 'EXECUTE' statement so any valid command could be inserted here.
Property insurance: A type of insurance that provides a benefit if insured items are damaged or lost because of fire, theft, accident, or other cause described in the policy.
Proposal form: In Canada, a document that is given to a prospective purchaser of an insurance policy and that contains personalized information about the policy and policy values.
Prototype plan: A standardized form of pension or other employee-benefit plan developed to simplify plan drafting for plan sponsors. Similar to a master plan.
Provider fraud: A type of medical insurance fraud that is initiated by a medical care provider on patients' claims in order to increase the provider's own income. Contrast with individual fraud.
Proximate cause of death: An event that is directly responsible for a death or an event that initiates an unbroken chain of events that lead to death.
Prudent expert rule: The legal requirement that the sponsor or manager of a pension plan exhibit certain standards of competence and prudence in accounting for assets in a pension plan and investing the pension plan's funds.
PSEUDO (Table: GENACCTRN): Pseudos related to the accounts setup on this general accounting transaction.
PTR CATEGORY CODES (Table: GRP_POL): The category codes that belong within a premium tracking reference, as decided by the group owner.
PTR DESCRIPTION (Table: GRP_POL): Description of the PTR Grouping.
PUP FACTOR (ACCUMULATION UNITS) (Table: PLAN_VALUES): Enter the PUP factor percentage for accumulation units.
PUP FACTOR (INITIAL UNITS) (Table: PLAN_VALUES): Enter the PUP factor percentage for initial units.
PUP VALUE FACTOR (Table: PLAN_VALUES): Enter the Paid-Up Value factor per thousand for this age and duration.
Pure endowment: An amount payable only to those people who survive for a certain period of time; those who do not survive that period of time receive nothing. Unless they are combined with some form of life insurance, pure endowments are generally illegal.