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A
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U V W X Y Z
Partial
Disability
A disability which is less than total (according to the particular definition
relating to the contract in question) but still sufficient to hamper
the individual in his or her occupation.
Pensioner
An individual who receives an income from a Pension Scheme.
Per
Capita
Per person, by or for each individual Per Mille Per Thousand.
Permanent
Health Insurance
Permanent Health Insurance will pay you an income if you become ill
for a long period or if you become disabled and can't work.
Permanent Total Disability
Disability from which the individual is unlikely to recover at any time
in the future. Some insurance contracts may specify that permanent is
to be taken as meaning 'extending to normal retirement date'.
Persistency
A term used to refer to the length of time insurance remains continuously
in force with a company.
Personal
Lines
Insurance designed for individuals rather than businesses or organisations.
Philanthropic Advisor
An individual or firm which provides counselling and evaluative services
to donors before and after grantmaking decisions.
PIA
The Personal Investment Authority, which regulates the way in which
financial products are marketed, promoted and sold.
PMAR
Private Medical Attendant's Report.
Polarisation
The requirement for a financial adviser to be either 'tied' to one financial
product provider, or completely independent. A provision of the Financial
Services Act.
Policy
The legal document issued by the insurance company to the policyholder,
which states the terms and conditions of the insurance, it may also
be called the policy contract or the contract.
Policy
Reserves
The measure of the funds that a life insurance company holds specifically
for fulfilment of its policy obligations.
Policy Term
The period of time for which an insurance policy provides coverage.
Policyholder The person or organisation who owns an insurance policy.
Pre-existing
Condition
Any physical or mental conditions that exist prior to the effective
date of insurance coverage.
Premium
The single or regular periodic payment made to an insurance company
in respect of an insurance policy.
Present
Value (PV)
The selling price at the time of sale i.e. now.
Private Medical Attendant's Report
A report from an individual's own doctor ('Private Medical Attendant')
which does not require a medical examination to be carried out. Used
for underwriting purposes.
Private Medical Insurance
Pays towards private medical treatment if your condition is covered
by the policy.
Professional Indemnity
Insurance Protects professionals against liability claims resulting
from negligent work.
Pro
Rata Premium
A rate charged for a period of insurance cover shorter than the normal
period. For example, if an insured had cover for one quarter of a year,
the Pro Rata premium might be only one quarter of the annual premium.
Purchased
Life Annuity
An income for life purchased from an insurance company. That part of
the annuity that is deemed to be return of capital is tax-free but any
balance is treated as interest and is subject to income tax.
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