An insurance policy with all the premiums paid and no amount due that has not yet matured.
Insurance Encyclopedia
Paid-up policy
a policy kept in force for a reduced sum assured after the premiums have ceased prematurely; a fully paid-up policy is one remaining in force after payment of all the premiums due under the terms of the policy.
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Policy granted by life insurer for a reduced amount based on premiums already paid with no further premiums payable. The reduced sum is payable on death under paid-up whole life policies and an on death or maturity in the case of endowments. Paid-up pensions are called ‘preserved pensions’.
Paid-up scheme
Pension scheme under which contributions have ceased. Assets continue to be held and used by the administrator in accordance with scheme rules.
Pair and set clause
Stipulates that, in the event of loss or damage to any article forming a part of a pair or set, the claim will reflect the value of the lost item and not the reduced value of the pair or set.
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Clause that stipulates that partial loss to a pair or set of items will be valued in terms of the lost item, not on the basis of reduced value of the pair or set.
Pair and set clause (Property Insurance)
A provision stating that if one-half of a pair or part of a set is lost or damaged, a reasonable and fair percentage of the value of both will be assessed. The insurer is not required to pay for the total value of the whole set.
Pair or Set Clause
A clause which states that if a part of a pair or set is lost or damaged the measure of the loss shall be a reasonable and fair proportion of the total value of the set, giving consideration to the importance of the article. The insurer is under no obligation to pay for the total loss of a set when one part is lost, damaged, or destroyed.
Pallet
Load carrying platform to which loose cargo is secured before placing aboard the aircraft.
Pallet Extender
Fashionable metal or cardboard device to increase pallet capacity.
Pandemic –
An outbreak of disease that occurs over a broad area of the world it is not limited to one city, town, or even country. It is widespread and affects affects an exceptionally high proportion of the population.
Panel size
Number of patients served by a physician or physician group. If the panel size is greater than 25,000 patients, then the physician group is not considered to be at substantial financial risk because the risk is spread over the large number of patients. Stop loss and beneficiary surveys would not be required.