A-B-C-D-E-F-G-H-I-J-K-L-M-N-O-P-Q-R-S-T-U-V-W-X-Y-Z

P/O:
Principal only, a type of CMO

PAC:
Planned amortization class

Paid-Up Insurance:
Insurance on which all required premiums have been paid

Par In Force:
Total par value of obligations currently outstanding under policies written to date.

Par Written, Gross:
Total par value of obligations insured, including obligations insured both as a primary insurer and as a reinsurer.

Par Written, Net:
Gross par written less par value of obligations ceded to reinsurers. 

Partial Disability:
A disability that prevents a person from performing one or more functions of his or her regular job.

Participating Insurance:
Insurance on which the policyholder is entitled to share in the surplus earnings of the company through policy dividends that reflect the difference between the premium charged and the cost to the company of providing the insurance.

Participating Policy:
Policy under which the policyholder is eligible to receive dividends. 

Payout Period:
The period during which you receive the income from your annuity contract.

Performance Notes:
Notes issued by insurer holding companies to lenders whose repayment terms are geared to the performance of an associated book of mortgage risk. For example, the rate of interest on a note might rise or fall depending on how well or poorly losses developed. Performance notes are generally issued to smaller, regional lenders.

Permanent Life Insurance:
A phrase used to cover any form of life insurance except term; generally insurance that accrues cash value, such as whole life or endowment.

Physician's Expense Insurance:
Coverage that provides benefits toward the cost of doctor's fees - for surgical care in the hospital, at home, or in a physician's office, and for x-rays or laboratory tests performed outside of a hospital. (Also called Regular Medical Expense Insurance).

Point of Service Plan (POS):
Plan that offers a full range of health services through a combination of HMO and PPO features. Members can choose to either use the defined managed care program (with 100 percent coverage) or go out-of-plan for services (with 80 percent coverage).

Policy:
The printed document issued to the policyholder by the company stating the terms of the insurance contract.

Policy Loan:
Under an insurance policy, the amount that can be borrowed at a specified rate of interest from the issuing company by the policyholder, who uses the value of the policy as collateral for the loan. In the event the policyholder dies with the debt partially or fully unpaid, the insurance company deducts the amount borrowed, plus any accumulated interest, from the amount payable.

Policy Reserves:
The measure of the funds that a life insurance company holds specifically for fulfillment of its policy obligations. Reserves are required by law to be calculated so that, together with future premium payments and anticipated interest earnings, they will enable the company to pay all future claims.

Policy Term:
The period for which an insurance policy provides coverage.

Policyholder:
The person who owns a life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a partnership or a corporation.

Policyholder Dividend Ratio:
The ratio of dividends to policyholders paid to earned premiums.

Pool Insurance:
The insurance of pools of 'A' or 'prime' mortgages. The coverage is a percentage of the original aggregate unpaid balance of the pool.  There are two types of pool insurance: traditional and modified. Traditional pool insurance pays 100% of all losses on individual defaulted mortgages after the equity in the home and any primary insurance is exhausted until the aggregate pool coverage amount is reached. Modified pool insurance pays 25%. Insurers offer GSE pool insurance, a thin layer of coverage between the equity in the mortgage and any primary insurance and the GSEs' guarantee.

PPA:
Periodic payment annuities

PPGA:
Personal producing general agents

Precertification:
A utilization management program that requires the insured or the health care provider to notify the insurer prior to a hospitalization or surgical procedure. The notification allows the insurer to authorize payment, as well as to recommend alternate courses of action.

Preexisting Condition:
Any physical and/or mental condition or conditions that exist prior to the effective date of health insurance coverage.

Preferred Provider Organization (PPO):
Plan through which a sponsoring group negotiates price discounts with providers in exchange for patients. The sponsor may be an insurer, employer, or third-party administrator.

Premium:
The payment, or one of the regular periodic payments, that a policyholder makes to own an insurance policy.

Premium Loan:
A policy loan made for the purpose of paying premiums.

Premium Revenue:
Net premiums (direct premiums plus reinsurance assumed less reinsurance ceded) plus annuity and fund deposits.

Premiums Earned, Gross:
The amount of premiums received for in advance that are earned by virtue of the expiration of risk.

Premiums Earned, Net:
Gross premiums earned less premiums earned on business ceded to reinsurers

Premiums Written, Gross:
Total premiums received from all sources including reinsurance assumed from other insurers.

Premiums Written, Net:
Gross premiums written less premiums ceded to reinsurers. 

Prepaid Group Practice Plan:
A plan under which specified health services are rendered by participating physicians to an enrolled group of persons, with a fixed periodic payment made in advance by (or on behalf of) each person or family. If a health insurance carrier is involved, a contract to pay in advance for the full range of health services to which the insured is entitled under the terms of the health insurance contract. An HMO is an example of a prepaid group practice plan. 

Primary Insurance:
The insurance of an individual mortgage.

Primary Insurer:
An insurer that directly assumes liabilities by issuing an insurance policy to the insured.

Principal:
The amount you pay into your annuity contract as distinguished from the interest that is credited to it.

Professional Standards Review Organization (PSRO): Organization responsible for determining whether care and services provided are necessary and meet standards for reimbursement under the Medicare and Medicaid programs.

Proration:
Modification of policy benefits because of changes in the insured's occupation or the purchase of other insurance.