The market price that accurately represents the current value of a portfolio. Power of Attorney . A legal document granting one person the right to act bindingly on behalf of another. A power of attorney may be limited or full. Pre-existing Conditions .
Some policies exclude pre-existing conditions from coverage.
Preferred Stock . A type of stock that gets preference over common stock because it stands first in line for the payment of dividends and liquidation in the case of bankruptcy. In insurance, the fee paid to an insurance company in exchange for risk protection. For an annuity, the payment made to build an annuity accumulation. In stocks, the amount by which a stock's price exceeds its Par value.