Package Policy ...
A policy that includes more than one line of insurance coverage. (See also, Multi-Line Policy.)
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Paid Losses ...
The gross dollar amount, not including expenses, that has been paid out on losses.
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Pair or Set Condition ...
A loss settlement condition stating that when a part of a pair or set is damaged, only the damaged part will be repaired or replaced, not the pair or entire set.
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Peril ...
The cause of a loss. For example: fire, theft, windstorm.
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Permitted Incidental Occupancies Endorsement ...
Endorsement to a Homeowners policy that provides coverage for home-business activities on the resident premises.
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Persistency ...
The probability of insurance to remain in force.
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Personal Articles Floater ...
A personal Inland Marine form designed to provide coverage for moveable property.
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Personal Auto Policy ...
Auto policy that provides Property and Liability coverage for automobiles operated by the Insured and household family members who are licensed drivers.
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Personal Contract ...
An insurance contract insures the person rather than the Property.
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Personal Effects Form ...
Inland Marine coverage for personal property of the Insured while traveling.
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Personal Injury ...
Provides coverage against injury other than bodily injury arising out of false arrest, libel, malicious prosecution, slander, wrongful entry and violation of privacy.
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Personal Injury Protection Automobile Insurance ...
First-party coverage for Insured in no-fault states that usually for medical expenses and loss of income that result from an auto accident.
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Personal Liability and Medical Payments to Others Endorsement ...
An endorsement to a Dwelling Policy that provides Liability coverage similar to the Liability coverage usually included in a Homeowners Policy.
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Personal Lines ...
Insurance coverages that provide protection for individuals and their families.
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Personal Property ...
Property that is generally moveable and transportable. (See also, Contents.)
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Personal Property Form ...
An Inland Marine form that provides open peril coverage for personal property.
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Personal Property Floater Risks ...
Category of personal property risks that are eligible for Inland Marine insurance.
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Personal Property Replacement Cost Endorsement ...
An endorsement on a Form-2 Homeowners Policy that adds replacement cost coverage for personal property.
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Personal Umbrella Policy ...
Provides broad personal liability coverage over an above liability covered by an underlying contract.
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Personal Yacht Insurance ...
Provides coverage for large personal watercraft.
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Philatelic ...
Of, or relating to valuable stamps, stamp collecting.
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Physical Damage ...
Damage or destruction the insured property sustains from an insured peril. Also known as Physical Loss. (See also, Property Damage.)
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Physical Hazard ...
Any material, operational or structural feature that increases the likelihood of a loss.
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Physical Injury ...
Injury, sickness, disease and death as it pertains to a specific loss. (see also, Bodily Injury.)
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Plaintiff ...
A person, company or entity who commences a legal action or lawsuit to enforce their rights. (Contrast, Defendant.)
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Policies In Force ...
The insurance policies that are active as of a specified date. (See also, In Force.)
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Policy ...
The written insurance contract.
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Policy Form ...
Document that contains all the agreements, conditions, coverages and exclusions of a policy. (See also, Coverage Form.)
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Policy Limit ...
The maximum dollar amount that an Insurance Company agrees to pay for a loss on covered perils. (See also, Limit of Coverage.)
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Policy Period ...
The dates on the declarations page that denote when the coverage provided by the insurance policy will begin and end. (See also, Effective Dates, In Force.)
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Policyholder ...
The person, business or entity who is a named Insured.
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Policyholders Surplus ...
The remainder an Insurance Company has after all liabilities have been deducted from all assets. It affords an additional amount of financial protection to policyholders whenever the Insurance Company experiences more losses than expected.
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Pool ...
An organization of Insurers and Reinsurers that share the underwriting, premium, losses and expenses in agreed upon percentages. (See also, Syndicate.)
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Premises ...
The location where the insured building, appurtenant structures, and property described in the insurance policy are situated.
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Premium ...
The price to be paid by the policyholder to purchase an insurance policy.
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Primary Insurance ...
The insurance policy coverage that is applied first, up to the amount of the loss or the policy limit, when two or more policy coverages apply to the same insured loss. (See also, Pro Rata Other Insurance.)
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Principal Coverage ...
(Compare, Supplemental Coverage.)
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Producer ...
One who sells insurance policies.
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Professional Liability ...
Liability arising out of providing or failing to provide professional services.
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Professional Liability Policy ...
Insurance coverage provided for professionals to cover the liability arising out of providing or failing to provide professional services.
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Proof of Loss ...
A document that outlines the nature and extent of an insured loss, the amount of insurance coverage the Insured has purchased to cover losses of that nature and the settlement amount to indemnify the Insured.
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Property ...
Possessions belonging to an Insured which generally includes both personal property and real property.
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Property & Casualty (P&C) ...
General categories of insurance that are often provided together in a package form for property coverage, both real and personal, and liability coverage. (Also known as, Property & Liability.)
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Property Damage (PD) ...
Damage or destruction the insured property sustains from an insured peril.
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Property Insurance ...
Several different lines of coverage tailored to the different types of property that people want to insure.
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Pro Rata ...
Proportionately according to an exactly calculable factor. (Compare, Short Rate.)
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Pro Rata Other Insurance ...
Method of handling the loss settlement when the Insured has purchased more than one policy to cover the same property. If there is no Primary Insurance, then each policy pays a portion of the loss payment in proportion to its policy limit.
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Provision ...
An article or clause that stipulates what will be supplied, which may also introduce contingent conditions.
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Proximate Cause ...
An action or peril which sets off a predictable sequence of events that leads to a loss, or more extensive loss damage.
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Punitive Damages ...
Damages levied against a defendant intended to serve as an example to discourage similar misconduct from others. (See also, Exemplary Damages.)
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Pure Risk ...
A risk that has no prospect of gain.
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