The term of a business income coverage policy payout. This time frame starts on the date the loss that interrupts business occurs and ends on the date that the property should be fixed.
Insurance Encyclopedia
Period policy
See: TIME POLICY.
periodic interim payment (PIP)
1. Phrase used in managed care plan contracts that refers to a reimbursement method that prepays providers for services based on their history of utilization by members. It is a much faster form of reimbursement than other arrangements. 2. Under the Medicare program, cost-based reimbursement method for hospitals before 1983 and the introduction of the prospective payment system (PPS).
Periodic review of relative values
Recalibration of Medicare’s relative value scale for financial updating purposes. The Centers for Medicare and Medicaid Services (CMS) must conduct a periodic review every 5 years.
Periods of care
Set period of time that the patient can get hospice care after the physician says that the patient is eligible and still needs hospice care.
Perishables
Any cargo that losses considerable value if it is delayed in transportation (usually refers to fresh fruit and vegetables).
peritoneal dialysis (PD)
Procedure that introduces dialysate into the abdominal cavity to remove waste products through the peritoneum (a membrane that surrounds the intestines and other organs in the abdominal cavity). It functions in a manner similar to that of the artificial semipermeable membrane in the hemodialysis machine. Three forms of peritoneal dialysis are continuous ambulatory peritoneal dialysis, continuous cycling peritoneal dialysis, and intermittent peritoneal dialysis. This treatment can be done at home, at work, or at another convenient location.
permanent and stationary (P & S)
Phrase used when a workers’ compensation patient has been on temporary disability and his or her condition has become stabilized within a reasonable period of time and no improvement is expected. It is only after this declaration that a case can be rated for a compromise and release. Also see maximum medical improvement.
Permanent and total disability (Health Insurance)
A disability the insured does not recover from. This designation is usually given to the disability after six months.
Permanent contracts/policies
Life and income protection policies policies to which the insurer is committed for a number of years, e.g. 20 years or to age 65. Renewal is at the option of the insured only. The insurer comes off risk only when the agreed period has elapsed.