Exclusion from insurance coverage or coverage after a waiting period of illness or injury received by the insured before enrollment in an insurance plan. Also called preexisting condition exclusion.
Insurance Encyclopedia
Preexisting conditions provision
Clause in an insurance contract that states until the insured has been covered under the policy for a certain period, the insurance company will not pay benefits for any preexisting conditions.
Preference beneficiary clause
In a life insurance policy, if no beneficiary is listed, the insurance company will pay the proceeds from the policy in a stated order to the individuals shown in the contract.
Preference Ordinary Shares
A share in the capital of a company which gives the holder the right to a fixed dividend, after payment of any dividend due to the holders of preference shares, in preference to the payment of dividend on other ordinary shares.
Preference Share
A share in the capital of a company which gives the holder preference over the holders of ordinary shares in the payment of dividends up to a stated amount, and in return of capital in a liquidation.
Preferred plan
Managed care plan that requires members to receive medical services from the network’s physicians at a reduced cost instead of a doctor of their own choice at a larger cost.
Preferred provider
Any licensed health care professional who contracts with a managed care plan such as ambulatory surgical center, dentist, hospital, physician, and podiatrist.
preferred provider arrangement (PPA)
System in managed care, in which a limited number of providers are selectively contracted at reduced rates of payment.
preferred provider network (PPN)
Under the TRICARE program, group of civilian practitioners to supplement military direct care in TRICARE Prime and Extra. PPN members offer discounts, file patients’ claims, and must meet the same professional standards as military treatment facility providers.
Preferred Provider Organization
Group of Hospitals, physicians and other health care providers that contract with insurers, third party administrators, or directly with employers to provide medical care to members of the contracting group(s) at discounted prices per unit of service.