A reserve that should be enough to pay future claims. The amount calculated takes into account future premiums and interest.
Insurance Encyclopedia
Prospective review
1. Process of going over financial documents before billing is submitted to the insurance company to determine documentation deficiencies and errors. 2. Method of evaluating a case before admission to find out if hospitalization is necessary, the estimated length of stay, or alternate outpatient treatment.
Prospective service
Length of potential service of a member up to a future age or date. This is used in some instances in working out IR limits on early retirement and by some schemes for other purposes, e.g. calculating incapacity pensions or spouse’s pensions.
Prospectus
UK: a form giving details of the cover available under a policy, optional additional benefits, rebates etc, often printed as part of the proposal form.
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A proposal form which also details the Insurance cover available.
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The disclosure document prepared and distributed by a company in connection with its offer to sell securities. The 1933 Act broadly defines the term to include any notice, circular, advertisement, letter or communication, whether written or by radio or television, which offers any security for sale. The prospectus may not contain any false or misleading information regarding the securities or the offering. In private placements of securities (i.e., securities offerings that are exempt from registration with the SEC), this disclosure document is frequently referred to as an “offering memorandum” or “offering circular.”
Prostate cancer screening test
Procedure or test for the early detection of prostate cancer (e.g., digital rectal examination, prostate specific antigen [PSA] blood test).
prostate specific antigen (PSA)
Blood test, detects marker for adenocarcinoma of the prostate.
Prosthetics
Design, construction, attachment, and use of artificial limbs or other substitutes to function for missing body parts.
Protected cell company
A single entity that segregates its assets between different cells. Each cell is used by a company whose risks are not sufficiently large to justify forming their own captive but they get the benefits of self-insurance. The offshore’ legislation, under which PCCs operate, was originally designed for rent-a-captives but is now applied more widely.
protected health information (PHI)
Under the Health Insurance Portability and Accountability Act (HIPAA), any data held by a covered entity or its business associate that identifies an individual and describes his or her health status, age, sex, ethnicity, or other demographical characteristics, whether or not that information is stored or transmitted electronically (see Box P-1 ). Additionally, PHI may include physician-patient interactions and conversations, physician-staff conversations, internal physician-physician conversations, external physician-physician conversations, staff-family communications, staff-staff conversations, physician dictation, and telephones in examination rooms. Sometimes erroneously referred to as private health information or personal health information.Box P-1Protected Health Information in a Medical OfficeIntake formsLaboratory work requestsPhysician-patient conversationsConversations that refer to patients by namePhysician dictation tapesTelephone conversations with patientsEncounter sheetsPhysician’s notesPrescriptionsInsurance claim formsX-raysE-mail messages
Protected NCD
A modification to an NCD system whereby a policyholder who has attained high level of NCD may elect to pay an extra premium in order to be able to make claims without losing future entitlement to discount. There may be a specified limit to the number of claims that can be made without affecting the discount, or the insurer may simple reserve the right to withdraw the policyholder’s option to continue on protected NCD.