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

PRINTING PLATE

A light sensitive metal or paper sheet. The image to be printed is burned onto this plate using a high intensity beam. The image is then transferred to the preferred medium by

PRINTRUN

The aggregate number of copies that is produced in a print job under the order of the buyer.

PRIOR AUTHORIZATION

Authorization that helps in minimalizing costs as benefits will only be approved if the medical care has been approved beforehand.

PRIOR CHARGE

The right of the lender to claim the borrower’s assets under the terms of the loan agreement. If the borrower’s assets are liquidated. The holder of the prior charge is the one

PRIOR PERIOD

Costs and revenues that were documented in the firm’s financial statements from the previous year.

PRIOR PERIOD ADJUSTMENTS

An adjustment of the errors in the financial statements of a previous period, that is reflected in the financial statement of the current year.

PRIOR PROBABILITY

The chances that a specific event might occur. It is adjusted on the availability of fresh data.

PRIORITIZATION

Principle: Things that need to be done first oughta be done first Process: Ranking of items on the basis of urgency or importance.

PRIORITY BANKING

Long time customers of a financial institution are provided with priority banking. It includes advanced services such as payment of bills online, consultation on financial matters, free checking, etc. Nowadays, priority banking

PRISONER’S DILEMMA

The triumph of cooperation and trust and loss of a blind pursuit of selfinterest. An illustration is provided by the problem that two inmates in separate cells face. The police offers them

PRIVACY

The right that determines the nonintervention of secret surveillance and the protection of an individual’s information. It is split into 4 categories (1) Physical: An imposition whereby another individual is restricted from

PRIVACY LAW

A regulation or law that safeguards the intention of an intention to not be disturbed, and not collate any information pertaining to him/her.

PRIVATE ANNUITY

The waivering of the taxes on capital gains on assets that have increased in value. The sale amount is put in an annuity that is dispensed to the annuinant over the course

PRIVATE BRANCH EXCHANGE (PBX)

A small telephone exhange, usually a replica that is connected to the telephone company’s exchange and is installed at the subscriber’s location. The PBX is capable of handling hundreds of telephone connections

PRIVATE CARRIER

A firm that owns its own transportation vehicles that is primarily used to transport its own products.

PRIVATE COMPANY

A private sector firm whose operations are executed by private individuals.

PRIVATE CORPORATION

A firm that is incorporated, the shares of which are not listed on a public stock exchange. The shares are however held by a small proportion of stockholders.

PRIVATE COST

The cost incurred by the supplier or producer to supply a goods or service. Internal costs such as labor, inputs, rent are included. Costs suchas environmental damage are however not accounted for.

PRIVATE DEBT

The individuals responsibilites for mortgages and other similar liabilities.

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