Policy acquisition costs

See: acquisition cost.

Policy administration department

See: customer service department.

Policy advisory group

Generic name for many work groups at Workgroup on Electronic Data Interchange (WEDI) and elsewhere. WEDI is a subgroup of the Accreditation Standards Committee X12 that has been involved in creating electronic data interchange standards for insurance billing transactions.

Policy anniversary

MEDICAL,USA,REFERENCE: See: anniversary date.
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The anniversary of the date a policy began. This information is usually listed within the policy’s declarations page.
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The anniversary of the date of issue of a policy as show in the policy declarations.

Policy charge

See: policy fee.

Policy filing

Procedure of obtaining legal permission to sell an insurance product within a specific area.

Policy issue

Transmission of an insurance policy to an insured by the insurance company.

Policy loan

Amount of money (cash surrender value) that the policy owner of a life insurance policy may borrow at interest from the insurer.
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UK: a loan made by a life insurer to a policyholder on the security of the surrender value of the policy.

Policy number

Identification number that is given to a group insurance contract. It contains the account number of the policy together with the policy code number.

Policy owner / policyholder

See: enrollee.