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Paid-up Insurance - Insurance on which all necessary premiums have been paid. The term is often used to mean the abridged paid-up insurance obtainable as a non-forfeiture option.

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Paramedical Examination - Physical examination of a candidate by a trained person excluding physician.

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Participating Insurance - Insurance issued by any insurance company offering participation in dividend distribution.

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Participating Policy - A life insurance policy under which the insurance company concurs to deal out to policy holders the part of its extra which its Board of Directors determines is not required at the end of the business year. Such a distribution serves to decreased the premium of the insurance policy holder had paid. See also: Policy dividend; Nonparticipating policy.

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Payor - The person who is making premium payments on a policy.

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Permanent Life Insurance - It is a type of life insurance excluding term insurance that accrues cash value policy and is planned for long-term, or permanent, requirements of a policy holder.

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Persistency - The degree to that insurance policies remains in force through the continued payment of renewal premiums.

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Personal Representative - A person who is appointed all through the will of a deceased or by a court to resolves the estate of one who dies.

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Policy - The legal document issued by the insurance company to the policy holder that outlines the conditions and terms of the insurance; also known the policy agreement or the contract.

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Policy Dividend - A repayment of part of the insurance premium on a participating life insurance policy referring the disparity between the insurance premium charged and actual experience.

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Policy Fee - Fee added to the periodic premium payments to cover indeterminate insurance policy costs.

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Policy limit - The maximum amount a policy would pay, either the whole some or under a particular coverage.

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Policy Loan - A non-recourse loan from the insurer to the policy owner protected by the insurance policy's cash value.

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Policy Owner - The individual who owns insurance policy coverage and who has all the contractual rights. The policy owner is not essentially the same person as the insured or the payor.

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Policy Term - It is a period for which an insurance policy offers coverage.

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Policy Holder - The person who has a life insurance policy.

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Pool - It is a method of distributing insurance policy risk, where the individual participants share full risk with the other participants.

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Pooling arrangement - A contract to divide any losses, which may happen evenly among two or more people, naturally with each paying the average loss.

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Preferred and Preferred Plus - The best insurance premium rate classes for unimpaired, non-smoking candidates that are in superior than average health.

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Premium - The amount paid to an insurer or reinsure in thought of his receipt of a risk.

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Premium Back Term Insurance Plans - These give for repayment of all the premiums paid, in the affair of the life assured existing to the end of the insurance policy term. The total sum certain is paid to the recipient in the event death happens during the policy term.

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Premium Discount - Periodic Payment discount that is given by any insurance company.

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Premium financing - Policy holder agreements with a lender to pay the insurance premium policy on his/her behalf. The policy holder agrees to pay back the lender for the expenses of the premium, plus interest and fees.

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Premium Loan - A policy loan made for the reason of paying premiums.

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Present Value - Refers to a technique, which is applied for an assumed rate of interest to compute today's value rate for a future payment.

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Premium Tax - A tax, imposed by every state, on the insurance premium income of insurers to carry on the business in the state.

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Primary Beneficiary - The person who, upon the insured's death, has the primary right to get insurance proceeds.

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Primary Insurance - Insurance that pays recompense for loss forwards of any other insurance coverage the policy holder might have.

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Principal - One for whom an agent acts, particularly as to contractual dealings with third persons.

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Principal Sum - The amount that is payable in one whole sum in the affair of accidental death and in, few cases, accidental dismemberment.

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Proceeds - The amount payable under the terms of a life insurance policy upon the insured's death or upon the maturity of an endowment.

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Producer - A term referred to an agent, solicitor or any other person who is selling insurance.

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Projected Rates - Policy payment, which is presently being charged by the company after the assurance period.

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Profit Commission - A commission payable on the profit made under an insurance or even for the reinsurance agreement as a support to uphold the flow of profitable business.

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Proposed Insured - The person named in a life insurance request as the person whose life is to be covered by the insurance policy, if the request is approved.

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Prospectus - A form which is often part of the suggestion form, giving details of the cover obtainable with particulars of additional benefits and rebates.

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