Package policy
Several basic property and/or liability policies combined to form a single policy. Contains a common declarations page, common policy conditions, and two or more agreement "coverage parts," such as dwelling coverage, other buildings, personal property, etc.
Paid-up survivor
In a long-term care insurance policy this optional rider provides for a noncancelable, paid-up policy upon payment of a single premium. If you select the single premium and nonforfeiture benefit, you may surrender your policy while it is in force for a cash nonforfeiture benefit.
Passport plan
A network of providers who are outside of your plan's geographic service area, usually in a different state, which can be used by you in non-emergency or urgent care situations. Some managed care plans have these networks available to individuals who travel to certain states. Check with your plan on the availability of this provision.
Peril
A property insurance term referring to the possible cause of loss such as a fire or windstorm.
Personal liability
This coverage protects you against a claim or lawsuit resulting from bodily injury or property damage to others. The coverage applies to you and all family members who live with you.
Personal property
All tangible property not classified as real property.
Plan determination
A decision by a Medicare Advantage plan regarding the amount of service it will provide you or the price the plan will reimburse the provider for the service.
Plan of care
A plan outlining the care you need and the length of time the care will be needed.
Point Of Service (POS) plan
A type of managed care plan that allows members to use out-of-network providers, but at additional cost (usually a higher copayment or a deductible).
Policy
A written contract for insurance between the insurance company and the policyholder and contains pertinent facts about the policy owner, the insurance coverage, the insured and the insurer.
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 cash 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.
Policyholder
The person who owns the insurance policy. This is usually the insured person, but it may also be a relative of the insured, a partnership or a corporation.
Preauthorization/precertification
A provision in insurance policies that requires prior approval by a managed care plan or limited service health organization in order for services to be covered by the plan.
Preexisting condition
An illness, medical condition, or injury that has been diagnosed, or for which a person has been treated, before buying a new health care policy.
Preferred Provider Plan (PPP)
A type of managed care plan, where coverage for expenses incurred when services are provided by a network provider are paid at a higher level than the coverage available for services received from an out-of-network provider.
Premium
The amount of money an insurance company charges, based on a given rate, to provide the coverage described in the policy, or simply stated, the price of insurance protection for a specified risk for a specified period of time, typically one year.
Prescription drug plan (PDP)
Medicare offers optional prescription drug plan coverage, also called Medicare Part D. There are two types of Medicare plans that offer prescription drug coverage: stand-alone PDPs and Medicare Advantage prescription drug plans.
Preventive health care
Health care that seeks to prevent the occurrence of conditions by fostering early detection of disease and morbidity and which focuses on keeping patients well in addition to healing when they are sick.
Primary care provider
The first health care provider a managed care plan's member is required to contact when he or she needs health care services, usually a physician specializing in primary care services. The primary care provider is responsible for knowing the member's complete medical history, performing routine health care duties, and referring the member to a specialist when necessary.
Primary payer
An insurance policy, plan, or program that pays first on a claim for medical care. This could be Medicare or other health insurance.
Property/Casualty insurance
Property insurance covers damage to or loss of the policyholder's property. The terms "casualty" and "liability" insurance are often used interchangeably. Both cover the policyholder's legal liability for damages caused to other persons and/or their property.

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