Jargon Explained

    1. A
    2. B
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    5. E
    6. F
    7. G
    8. H
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    10. J
    11. K
    12. L
    13. M
    14. N
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    16. P
    17. Q
    18. R
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    20. T
    21. U
    22. V
    23. W
    24. X
    25. Y
    26. Z

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    Additional Premium (AP)

    Definition

    A premium that's additional to the existing premium.

    Explanation

    Used when talking about insurance premiums.

    Two common examples of when policyholders may have to pay an additional premium are:

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    Annual percentage rate (APR)

    Definition

    A percentage rate that allows customers to compare the interest rates that are charged on different products.

    Explanation

    Used when talking about the interest rates that apply to financial services products.

    All providers of financial products that charge interest must give the APR interest rate. APR is always worked out using the same formula, which means that it gives customers a way of comparing interest rates from one product to another.

    The APR takes account of different factors such as the interest rate, the period the payments will be made over and certain other fees. 

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    Annual Premium

    Definition

    The premium due for one year's cover.

    Explanation

    Used when talking about insurance premiums.

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    Protective Awards

    Definition

    An award that may be payable to an employee who is made redundant if their employer has not followed the correct consultation procedures before making them redundant.

    Protective Awards apply to large scale redundancies of 20 or more employees.

    Explanation

    Used when talking about Legal Expenses insurance.

    If an employer is planning to make 20 or more employees redundant within a period of 90 days or less, they must consult with the employees' appropriate representatives. There are also time limits on when the consultations must take place.

    If the employer fails to follow the correct procedures, a court can order that the employer pays a Protective Award to the employees. The amount of a Protective Award will be decided in court and can be anything up to 90 days pay for each employee.

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    Proposer

    Definition

    A person or organisation applying for insurance.

    Explanation

    Used when talking about new business in insurance.

    Once their application (or proposal) is accepted by the insurer, and they've paid their premium, the proposer is called the policyholder or insured.

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    Proposal form

    Definition

    A form completed by a person requesting insurance giving information to allow the insurer to decide whether to accept the risk and what conditions to apply.

    Explanation

    Used when talking about new business applications in insurance.

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    Pro rata

    Definition

    Pro rata means at a proportionate rate, for example a pro rata premium is calculated as a proportion of the annual premium.

    Explanation

    Used when talking about insurance, financial products and employment.

    In insurance policy wordings, pro rata is often used to work out:

     For example, a £240 annual premium pro rata would be £20 a month.

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    Private Medical Insurance (PMI)

    Definition

    Private Medical Insurance provides cover for members for private treatment of medical conditions.

    Explanation

    Used when talking about health insurance.

    The terms medical insurance and health insurance are sometimes used to describe the same thing.

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    Premium

    Definition

    The money that a policyholder pays to their insurer in return for their insurance cover.

    Explanation

    Used when talking about paying for insurance.

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    Pre-existing condition

    Definition

    A pre-existing condition is a medical condition that a member had before their medical insurance started. This includes any medical condition which a member had experienced symptoms for even if it had not been diagnosed.

    Explanation

    Used when talking about medical insurance.

    Medical insurance is designed primarily to provide cover for treatment of new medical conditions that arise after a member takes out their policy.

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    Pre-authorised (Pre-auth)

    Definition

    This is when a member calls AXA PPP healthcare before they get treatment, and AXA tells the customer that their claim is eligible for benefit and, on some occasions, how much will be paid towards the cost of treatment.

    Explanation

    Used when talking about medical insurance claims.

    This can also be referred to as the pre-authorisation process.

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    Positron Emission Tomography scan (PET Scan)

    Definition

    A way of identifying the spread of disease in the body.

    Explanation

    Used when talking about types of medical treatment.

    PET scans are used by doctors to help them identify how far a disease has spread so that they can advise on appropriate treatment.

    First the patient is injected with a special tracer substance, which collects in the area of the body the doctors are interested in. During the scan, the PET scanner can track the tracer and uses this information to produce images that doctors can use to assess medical conditions.

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    Personal adviser (PA)

    Definition

    An adviser in AXA PPP healthcare's Customer Service department.

    Explanation

    Used when talking about AXA PPP healthcare's Customer Service.

    Personal Advisers are available on the phone to help with claims and membership queries.

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    Peril

    Definition

    A cause of damage or loss which may be covered or excluded by an insurance policy.

    Explanation

    Used when talking about insurance policy wording.

    Common examples of perils are fire, flood, explosion and lightning.

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    PAD notes

    Definition

    A free text note held on our claims system to record important information and actions.

    Explanation

    Used when talking about members records.

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