| WORD | DESCRIPTION |
| Para-med (paramedical) Examination | The medical examination of applicants for life insurance. |
| Permanent Life Insurance | A term loosely applied to life insurance policy form other than group and term, usually cash value life insurance, such as whole life insurance. |
| Policy Holder | 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. |
| Policy | The printed document issues to the policyholder by the company stating the terms of the insurance contract. |
| Preferred Risk | A risk whose physical condition, occupation, mode of living and other characteristics indicate a prospect for longevity superior to that of the average longevity of unimpaired lives of the same age. |
| Premium Flexibility | The policy-holders right to vary the amount of premium paid each month towards a universal life policy. |
| Premium option | A periodic payment made by the policyholder to the insurance company, in return for the lump sum to be received at the time of his death or when the policy matures. |
| Premium | It refers to the amount the policy holder has to pay to the insurer on his sum insured to receive the compensation from the insurer at the time of his death during the policy term or at the time of maturity of the policy |
| Primary Beneficiary | In life insurance the beneficiary designated by the insured as the first to receive policy benefits. |
| Primary Policy | The insurance policy that pays first when you have a loss that's covered by more than one policy. |
| Probate Costs | The legal fees and other costs incurred in the probate process, which is the legal processing of your will. Assets that you leave to other people through your will cannot be disturbed until the will is probated. |
| Proposal Form | The form that is used to take an insurance policy. |
| Provisions | Statements contained in an insurance policy, which explain the benefits, conditions and other features of the insurance contract |
| Purpose | It refers to the end objective of taking a life insurance cover. For instance, one could take a policy for life cover, tax benefit or as a means of long-term saving. |
