Package Policy: A combination of two or more individual
polices or coverages into a single policy. A homeowners policy,
for example, is a package combining property, liability and
theft coverages for the homeowner.
Paid-up Insurance: Insurance on which all required
premiums have been paid. The term is frequently used to mean
the reduced paid-up insurance available as a nonforfeiture
option.
Partial Disability: The result of an illness or injury
which prevents an insured from performing one or more of the
functions of his/her regular job.
Partial Disability: A benefit sometimes found in disability
income policies providing for the payment of reduced monthly
income in the event the insured cannot work full time and/or
is prevented from performing one or more important daily duties
pertaining to his occupation.
Participating Insurance: Insurance issued by an insurance
company providing participation in dividend distribution.
Participating Policy: One under which the policy owner
is entitled to receive shares of the divisible surplus of
the insurer. Such shares are commonly called dividends.
Pension Benefit Guaranty Corporation (PBGC): The Federal
body responsible for administering the plan termination insurance
program under ERISA.
Pension Plan: A plan established and maintained by
an employer, group of employers, union or any combination,
primarily to provide for the payment of definitely determinable
benefits to participants after retirement.
Peril: The cause of a possible loss, such as fire,
windstorm, theft, explosion, or riot.
Persistency: A term used to refer to the length of
time insurance remains continuously in force.
Personal Articles Floater: A form of coverage designed
to meet the needs for insurance on property of a moveable
nature. The coverage usually protects against all physical
loss, subject to special exclusions and conditions. Examples
of property covered include jewelry, furs, silverware, fine
arts.
Personal Injury Protection (PIP): First-party no-fault
coverage in which an insurer pays, within the specified limits,
the wage loss, medical, hospital and funeral expenses of the
insured.
Personal Lines: Those types of insurance, such as auto
or home insurance, for individuals or families rather than
for businesses or organizations.
Personal representative: A person appointed through
the will of a deceased or by a court to settle the estate
of one who dies.
Physical Damage: Damage to or loss of the auto resulting
from collision, fire, theft or other perils.
Plan Administrator: The person or persons controlling
the money or property contributed to the plan, usually designated
in the plan agreement.
Point-of-Service Plans: Often known as open-ended HMOs
or PPOs, these plans permit insureds to choose providers outside
the plan yet are designed to encourage the use of network
providers.
Policy: The printed legal document stating the terms
of the insurance contract that is issued to the policyholder
by the company.
Policy: A contract of insurance.
Policy: The legal document issued by the company to
the policyholder, which outlines the conditions and terms
of the insurance; also called the policy contract or the contract.
Policy Dividend: A refund of part of the premium on
a participating life insurance policy reflecting the difference
between the premium charged and actual experience.
Policy Loan: A loan made by a life insurance company
from its general funds to a policyholder on the security of
the cash value of a policy.
Policy Reserves: The measure of the funds that a life
insurance company holds specifically for fulfillment of its
policy obligations. Reserves are required by law to be so
calculated that, together with future premium payments and
anticipated interest earnings, they will enable the company
to pay all future claims.
Policy Term: That period for which an insurance policy
provides coverage.
Policyholder: The person who owns a life insurance
policy. This is usually the insured person, but it may also
be a relative of the insured, a partnership or a corporation.
Policyholder: A person who pays a premium to an insurance
company in exchange for the insurance protection provided
by a policy of insurance.
Policyholders' Surplus: Sum left after liabilities
are deducted from assets. Sums such as paid-in capital and
special voluntary reserves are also included in this term.
This surplus is an additional financial protection to policyholders
in the event a company suffers unexpected or catastrophic
losses. In effect, it is the financial base that permits a
company to sell insurance.
Pollution Liability: Exposure to lawsuits for injury
or cleanup costs that result from pollution damage
Pool: An organization of insurers or reinsurers through
which particular types of risk are underwritten and premiums,
losses and expenses are shared in agreed upon amounts.
Preferred Stock: Evidence of ownership which entitles
the owners to receive dividends from the corporation before
the common stockholders and which usually also provides a
prior claim to corporate assets if the corporation is dissolved.
Premium: The sum paid by a policyholder to keep an
insurance policy in force.
Premium finance: allows the insured to pay part of
the premium when coverage takes effect and pay the rest during
the policy period.
Premium Loan: A policy loan made for the purpose of
paying premiums.
Premium Tax: A tax, imposed by each state, on the premium
income of insurers doing business in the state.
Primary Beneficiary: See Beneficiary.
Primary Insurance: Insurance that pays compensation
for a loss ahead of any other insurance coverages the policyholder
may have.
Probate: The court supervised process of validating
or establishing a distribution for assets of a deceased including
the payment of outstanding obligations.
Probate estate :That portion of the assets and liabilities
whose distribution is supervised by the courts in the probate
process.
Probationary Period: A period from the policy date
to a specified time, usually 15 to 30 days, during which no
sickness coverage is effective. It is designed to eliminate
a sickness actually contracted before the policy went into
effect.
Product Liability: legal liability incurred by a manufacturer,
merchant, or distributor because of injury or damage resulting
from the use of its product.
Product Liability Insurance: Protection against financial
loss arising out of the legal liability incurred by a manufacturer,
merchant, or distributor because of injury or damage resulting
from the use of a covered product.
Professional Review Organization (PRO): An organization
in which practicing physicians assume responsibility for reviewing
the propriety and quality of health care services provided
under Medicare and Medicaid.
Proof of Loss: Documentation presented to the insurance
company by the insured in support of a claim so that the insurer
can determine its liability under the policy.
Proof of Loss: Documentary evidence required by an
insurer to prove a valid claim exists. It usually consists
of a claim form completed by the insured and the insured's
attending physician. For medical expense insurance itemized
bills must also be included.
Property Damage Coverage: An agreement by an insurance
carrier to protect an insured against legal liability for
damage by an insured automobile to the property of another.
Property Insurance: Insurance providing financial protection
against the loss of, or damage to, real and personal property
caused by such perils as fire, theft, windstorm, hail, explosion,
riot, aircraft, motor vehicles, vandalism, malicious mischief,
riot and civil commotion, and smoke.
Property Insurance: Provides financial protection against
loss or damage to the insured's property caused by such perils
as fire, windstorm, hail, etc.
Proration: The adjustment of benefits paid because
of a mistake in the amount of the premiums paid or the existence
of other insurance covering the same accident or disability.
Prototype Plan: A standardized plan, approved and qualified
as to its concept by the Internal Revenue Service, which is
made available by life insurance companies, banks and mutual
funds for employers' use.
Provision: A part (clause, sentence, paragraph, etc.)
of an insurance contract that describes or explains a feature,
benefit, condition, requirement, etc. of the insurance protection
afforded by the contract.
Proximate Cause: The dominating cause of loss or damage;
an unbroken chain of events between the occurrence and damage.
Punitive Damages: a court awarded amount that exceeds
the economic losses and general damages of a defendant and
is intended solely to punish the plaintiff
Click on the letter of alphabet, which the word you are looking for begins with:
