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PAC: See Pre-Authorized Check.

Paid-Up Insurance: An insurance policy that does not require future premium payments to provide the death benefit of the insured person.

Paramedical Exam/Para med Exam: A brief physical examination the insurer typically requires of applicants during the underwriting process. The exam is...

Partial Day Treatment: A program offered by appropriately licensed psychiatric facilities that includes...

Participating Provider: A provider who has contracted with a managed care plan to provide medical services to plan members. The provider may be a hospital or other medical facility, a pharmacy...

Payment Mode: Most insurance companies allow you to choose from the following payment modes:

Annually

Semi-annually

Quarterly

Monthly

Payor: The person making premium payments on a policy.

Physical Therapy: Rehabilitation concerned with the restoration of function and the prevention of disability following surgery, injury, disease or the loss of a body part.

Plan Benefit Maximum: The maximum amount that a health insurance plan will pay toward the cost of services incurred...

Point of Service (POS): A health care plan that permits covered persons to choose providers outside the plan's network, yet is designed to encourage the use of providers in the network... (more)

Policy: The written document issued by an insurance company to a policy owner. The policy represents the insurance contract between the insurance company and the policy owner.

Policy Anniversary: The anniversary of the date of issue as shown in the policy.

Policy Date: The date the insurance policy becomes effective.

Policy Fee: A charge for policy administration expenses incurred by the insurance company. The policy fee is usually ...

Policy Loan: A loan from the insurance company to the policy owner secured by the policy's cash value.

Policy Owner: The individual who owns an insurance policy and who has all contractual rights related to the insurance policy. The policy owner may...

Pool: A method of distributing insurance risk in which the individual participants share ...

Pre-Authorization: The process of obtaining prior approval as to the appropriateness of a service or medication. Prior authorization does not...

Preventive Care: Comprehensive health care that emphasizes priorities for prevention, early detection, and early treatment of disease or its consequences. Preventive care usually includes...

Pre-Certification: An administrative procedure whereby a health provider submits a treatment plan to a third party before treatment is initiated. The third party usually reviews the treatment plan...

Pre-Existing Condition: A physical and/or mental condition of an insured person that existed prior to the issuance of his or her insurance policy or that existed... (more)

Preferred Provider Organization (PPO): A type of managed care plan which contracts with independent providers (hospitals, physicians, ancillary providers) for negotiated discounted fees for services provided to covered persons.

Pre-Authorized Check (PAC): A premium-payment arrangement in which the policy owner authorizes the insurer to withdraw the premium payments from a bank account. This arrangement is...

Preferred Rating Class: One of the best premium rate classes available on life insurance policies.

Preferred Plus Rating Class: The best premium rate class available on life insurance policies for applicants that are determined by underwriting to be in better than average health.

Premium: The amount of money to be paid by the policy owner to the insurance company for the benefits provided under an insurance policy.

Premium Mode: The frequency of premium payments elected by the policy owner. Typical premium modes include monthly, quarterly, semi-annual and annual.

Premium Notice: A notice from an insurance company to a policy owner that a premium will be due on a given date.

Premium Rate: The price per unit of insurance.

Premium Rate Class: The appropriate price category to which an applicant qualifies according to an insurance company's underwriting guidelines. Common rate classes are...

Premium Receipt: The receipt given a policy owner for the payment of a premium.

Prescription: A written order or refill notice issued by a licensed medical professional for drugs which are only available through a pharmacy.

Prescription Card: Provides coverage for prescription drugs. (more)

Primary Beneficiary: The person(s) designated by the policy owner to which the proceeds of a life insurance policy will be paid.

Primary Care Physician (PCP): The physician a member must contact before having access to medical care benefits. The PCP provides basic health care...

Prior Authorization: See Pre Authorization.

Proceeds: The amount payable under the terms of a life insurance policy upon the insured's death or...

Proposed Insured: The person named in a life insurance application as the person whose...

Prosthetic Devices: An artificial substitute for a missing body part used for functional reasons...

Provider: An individual or organization that provides health care services. Providers may include but not limited to: physicians, hospitals, physical therapists, medical equipment suppliers, and pharmacists.

Provider Network: The set of providers contracted with a health plan to...

Provision: A statement or clause, found in an insurance policy, to establish some term of the contract.

 
 
 
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