When an employee has authorized his or her employer to deduct insurance premiums from his or her paycheck. The employer then sends the amount deducted on to the insurer periodically.
Insurance Encyclopedia
Payroll deduction plan
Payment system in which an insurance premium is deducted by the employer from the employee’s earnings and sent to the insurance company.
Payroll taxes
Taxes deducted from gross wages and salaries such as those for Social Security (Federal Insurance Contributions Act [FICA]) and unemployment insurance. Also called contributions and taxes.
PCCM
Abbreviation that means primary care case management. See primary case management (PCM).
PCP
Abbreviation for primary care provider, primary care physician, or primary care practitioner (PCP). See primary care physician (PCP).
PCS
Abbreviation that means prescription medication coverage (PCS), personal communication system (PCS), and physician coding specialist (PCS).
PD
A shorthand expression for property damage.
Peak
Time of a business day in which wireless customers can expect to pay full-service rates.
Peak Risk
An exceptionally large insurance in a portfolio of smaller insurance.
Peak season endorsement
Instead of buying insurance amounts reflecting values at the height of inventory, some enterprises are able to forecast times when values will be at their peak and use this endorsement to increase the amount of insurance during that specific interval.