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.
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payout period: The period during which you receive the income from your annuity contract.
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participating policy: Policy under which the policyholder is eligible to receive dividends.
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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.
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partial disability: A disability that prevents a person from performing one or more functions of his or her regular job.
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par written, net: Gross par written less par value of obligations ceded to reinsurers.
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par written, gross: Total par value of obligations insured, including obligations insured both as a primary insurer and as a reinsurer.
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par in force: Total par value of obligations currently outstanding under policies written to date.
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paid-up insurance: Insurance on which all required premiums have been paid.
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PPO: Preferred provider organization. PPOs give policyholders a financial incentive ù reasonable co-payments(also called co-pays) ù to stay within the group’s network of practitioners. You may go to any specialist without permission, as long as the doctor participates in the network. If you see an out-of-network doctor, you may have to pay the entire bill yourself, then submit it for reimbursement. You may have to pay a deductible if you choose to go outside the network, or pay the difference between what network doctors vs. out-of-network doctors charge.
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