A fund management strategy that seeks to match the return and risk characteristics of a market segment or index by mirroring its composition. Also called passive portfolio strategy.
Insurance Encyclopedia
Passport cover
Travel insurance compensates the insured in the range £300 to £500 for the expense of replacing a lost passport.
Password
Combination of letters and/or numbers selected by individuals, reported to management, and assigned to access computer data and for security measures.
past history (PH)
Patient’s past experiences with allergies, illnesses, hospitalizations, operations, injuries, and treatments.
Past service
Member’s period of service with the employer before joining the pension scheme or before a particular date. The benefit allowed in respect of previous service is called past service benefit.
Past service benefit
Pension plan credit given for an employee’s past service before the establishment of the plan.
Past service benefit (Pensions)
Credit given for time an employee worked prior to a pension or other retirement plan being instituted.
Past service cost
Total value (single sum) of the past service benefits plan beginning with the effective date of the plan.
Past service liability (Pensions)
The starting value of a pension plan made up of annuity credits that are vested before the effective date.
Past service reserve
Method of calculating the value of a member’s pension scheme benefits. It takes account of reserves in a final salary scheme to cover future salary increases due to inflation and career enhancement.