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INSURANCE DEFINITIONS
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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 counseling 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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