Insurance

premium loan: A policy loan made for the purpose of paying premiums.
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premium: The payment, or one of the regular periodic payments, that a policyholder makes to own an insurance policy.
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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.
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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.
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pre-existing condition: Any physical and/or mental condition or conditions that exist prior to the effective date of health insurance coverage. Many disability policies and individual health plans exclude benefits for any illness or injury for which a person received medical treatment or consultation within a specified time period before becoming covered under the plan.
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pre-disability earnings: This is the amount of an employee’s wages or salary that was in effect and covered by the plan on the day before the disability began.
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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 [...]

policyholder dividend ratio: The ratio of dividends to policyholders paid to earned premiums.
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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.
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policy term: The period for which an insurance policy provides coverage.
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