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Payee
The party to whom an online bill payment or any negotiable instrument draft draft or any negotiable instrument is made payable.

Periodic Rate
The Annual Percentage Rate (APR) expressed as a rate for a certain period of time. For example, monthly periodic rate is 1% for a 12% APR.

Points
Loan fees charged by the lender in addition to the contract interest rate and typically paid in advance or financed into the loan amount. A point is typically one percent of the loan amount.

Policy Owner
The person who has vested privileges of ownership in the policy, such as the right to assign the policy as collateral, receive cash values and dividends, designate a new owner, and change revocable beneficiaries.

Prime Rate
The interest rate that banks charge their largest commercial investors.

Principal
Annuities
The total of all premium payments made into an annuity contract that represent after-tax dollars.

Private Mortgage Insurance (PMI)
Coverage provided by private insurers to protect mortgage lenders against loss if borrowers default on payments. Most lenders require borrowers to purchase PMI if down payments do not meet a designated minimum.