Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: P

PODIUM

A slightly higher platform than the standard ground, from where people can see the person who is giving the speech.

POINT SOURCE

An identified source from which pollution is emitted. For instance, the chimney of a factory, or a septic tank, etc.

POLLUTION

The presence of harmful substances (either physical or gaseous), noise or energy (radiation) within a certain area, that causes harm to the surroundings, altering the natural environment around which it has been

POPULATION

All of the individuals of, units or samples that make up a constitution, usually for study purposes. For instance, the ‘population’ of a country is xxxx numbers.

PORTFOLIO INCOME

Earnings made through dividends, royalties, interest and capital gains.

POSITIVE CONFIRMATION

A request made by an auditor, in order to confirm the accuracy of any article. It might be express or implied. Usually, the request is made with a party who is dealing

POSTING KEY

A small term in the code of accounting, generally linked to an item within the ledger that provides important information relating to the post, such as the type of account or transaction.

PRACTICAL CAPACITY

The capacity of a company in order to provide the best possible service without any interruptions or delays.

PRECAUTIONARY PRINCIPLE

A rule in environment management which states that if serious damage can be caused to the environment and/ or to the health of a human being, immediate steps should be taken in

PREEXISTING CONDITION

Any condition from which the insured is already suffering from before he/she applies for an insurance policy.

PRE-FUNDED BOND

A bond that has been issued by the government. Generally, it is already backed up by several securities of the government which are set in escrow.

PACKAGE DEAL

A package deal is a deal that provides a range of benefits, services, or concessions, all of which need to be accepted or rejected in one go.

PAID BUSINESS

A paid business is like an insurance policy which has been submitted by the prospective candidate. The application has been completed and submitted, the premium is paid and the medical exam has

PANDEMIC

A pandemic can be a disease, or a medical condition that has spread over a significantly large area. An example can be HIV.

PARADIGM

An intellectual ideology, or view, which is accepted by a group of people, or a certain individual. It acts as a pristine example of how things, models and theories are supposed to

PARETO ANALYSIS

The usage of the Pareto principle in order to prioritize, or rank a number of different items which vary in terms of their significance. The objective of the Pareto analysis is to

PARTIAL EQUILIBRIUM ANALYSIS

An analysis which treats a certain sector of the economy as though it is operating in complete isolation from the other sectors within the economy.

PASSIVE ATTACK

In terms of computer security, a passive attack is one in which an attempt is made to access unauthorized information, that is located upon a system, for electronic spying.

PAST PRACTICES

Practices that have been established due to common use, making them accepted publicly. Secondly, it is a method of resolving disputes between people, where history is checked to find a simlar dispute

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