Insurance coverage of an individual who was covered under a previous employer and is now to be covered with the same insurance company under a new employer.
Insurance Encyclopedia
Prior year development
Used to determine the adequacy of reserves across the Lloyd’s market and the benefit of reserve margin to be considered within the combined ratio. It also serves as a comparator of Lloyd’s market underwriting profitability to its peers.
Prior years
Earlier years. This term usually refers to earlier years of account which have been closed into another year of account by reinsurance to close.
Prior-stay dates
The “from” and “through” dates of a patient’s stay in a hospital, skilled nursing facility (SNF), or nursing home that ended within 60 days of the current hospital or SNF admission.
Priority
The term used in some reinsurance markets outside the U.S. to mean the retention of the primary company in a reinsurance agreement.
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Legal preference.
Priority (Reinsurance)
Another term for retention.
Priority Cession
A priority cession is Reinsurance which is ceded before Ceding to the Company’s normal treaties.
Priority liabilities
Priority to pay some liabilities, e.g. guaranteed minimum payments, before others when a pension scheme is wound up. If the assets are insufficient to meet all liabilities the priority rule applies. The trustees must follow this scheme rule in deciding the order in which they settle scheme liabilities.
Priority of notice regulates the priority of claim
See: POLICIES OF ASSURANCE ACT 1867.
Privacy
1. Confidentiality. 2. Free from observation such as closed doors, drawn curtains around a hospital bed. 3. Under the Health Insurance Portability and Accountability Act (HIPAA), use and disclosure of protected health information is permissible for treatment, payment, or health care operations (TPO).