A provision stating that the insurer and the insured will pay specified portions of any losses, which they have agreed to in the contract.
Insurance Encyclopedia
Percentage Participation Clause
In health insurance a provision that requires the insured to bear a percentage of expenses in excess of the deductible. See Also: “Coinsurance.”
Percentage test (Pensions)
A test used to establish whether a qualified plan will benefit 70 percent of the employees on the lower end of the pay scale.
Percentage-of-Value Deductible
Deductible, applicable to each loss, which is expressed as a specified percentage of the total value of the insured property (not just the amount of Insurance) at the time of the loss.
Percentile
Number that corresponds to one of the equal divisions of the range of a variable in a given sample and that characterizes a value of the variable as not exceeded by a specified percentage of all the values in the sample (e.g., a score higher than 97 percent of those attained is said to be in the 97th percentile).
Percutaneous skeletal fixation
Treatment of a fracture in which the site is neither open nor closed. The fracture is not visualized, so fixation is placed across the fracture site using x-ray. Also called percutaneous treatment.
Percutaneous treatment
See: percutaneous skeletal fixation.
Performance
The act of executing, accomplishing, or carrying out an important function or process by an individual, group, or organization.
Performance assessment
Analysis and interpretation of performance measurement data to transform it into useful information for purposes of continuous improvement.
Performance bond
Common in the construction industry, the surety protects the project owner by guaranteeing that the contractor will perform his contractual obligations. If the contractor defaults, the project owner (the obligee) calls the upon surety to pay damages (the additional costs of completing the work) up to the amount of the bond. The surety (the obligee) has recourse against the contractor (the principal). The bond may incorporate a payment bond guaranteeing that the contractor will pay sub-contractors and for the contract materials. See MAINTENANCE BOND; RETENTION BOND; STREET WORKS BOND.
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A bond that guarantees the property owner (the obligee) that the contractor with the winning bid on a job will perform as promised and on time.