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Paid-up policy
A policy which does not require any future premium payments but which is not yet terminated by either death or maturity.
Paralysis/ paraplegia
The complete and permanent loss of use of both arms or both legs, or of one arm and one leg, through paralysis caused by illness or injury persisting for at least six (6) months from the date of trauma or illness.
Parkinson's Disease
Unequivocal diagnosis of Parkinson`s Disease by a neurologist where the condition:
  1. Cannot be controlled with medication
  2. Shows signs of progressive impairment
Activities of daily living assessment confirm the inability of the life insured to perform without assistance three (3) or more of the Activities of Daily Living.
Only idiopathic Parkinson's Disease is covered. Drug-induced or toxic causes of Parkinsonism are excluded.
Participating policy
A policy which shares in the distributable surplus of a life insurance company by acquiring bonuses or dividends.

Payer benefit
A rider or provision often found in juvenile policies under which premiums are waived if the person paying the premium, usually one of the parents, becomes disabled or dies while the child is still a minor.
Policy Loan
A loan made by an insurance company to a policy owner of a part or all of the cash value of the policy assigned as security for the loan.

Pre-existing condition
A coverage limitation included in many medical and health policies which states that conditions or illnesses that exist before the effective date of a medical and health policy, for which the insured is still receiving treatment or shown symptoms will not be covered under the policy. It doesn’t matter whether or not the insured is aware of this condition.
The monetary consideration payable once or periodically by a policy owner to an insurance company  in return for the insurance coverage provided.
Primary pulmonary arterial hypertension
Means Primary Pulmonary Arterial Hypertension with substantial right ventricular enlargement established by investigations including cardiac catheterization, resulting in permanent physical impairment to the degree of at least Class III of the New York Heart Association (NYHA) classification of cardiac impairment. Pulmonary arterial hypertension resulting from other causes shall be excluded from this benefit. The NYHA Classification of Cardiac Impairment for Class III and Class IV means the following:-
  1. Marked limitation of physical activity. Comfortable at rest but less than ordinary activity causes symptoms.
  2. Unable to engage in any physical activity without discomfort. Symptoms may be present even at rest.
Pro Rata Rate
A rate charged for a period of coverage shorter than the normal period. An example, if an insured had coverage for only one quarter of a year, his premium would be only one quarter of the annual premium.