Terms starting with P
Property Damage is a broad term that may refer to any physical damage that has been done to a person's property, whether it be tangible or intangible. Property damage can...
Personal Injury may refer to an injury that is inflicted on an individual’s body, mind or emotions, as opposed to an injury that is inflicted on property. Personal Injury is...
The term Principles of Indemnity may refer to the underlying principles of insurance contracts that seek to restore an insured individual or company to the same financial position they were...
The Principle of Indemnification is the legal concept that is used to determine the amount of compensation that an insured party may receive from an insurance provider when they suffer...
Insurance premium is the dollar amount an insurance company charges in exchange for providing financial protection against the risks defined in an insurance policy.
"Punitive Damages" is money awarded to a prevailing party that goes beyond economic damages. It is used to punish a party's mis-behavior and to "make an example" of extremely unreasonable...
A Package Policy is a policy that offers coverage for multiple lines of business. For example, if a policy lists General Liability, Property, and Umbrella coverage on their form, then...
A policy period, or effective dates, is the time that a policy is active and available for an insured to utilize. For example, if we were to see a 01/01/2024-25...
"Public Adjuster" is a licensed individual or firm that agrees to work on behalf of a policyholder for a percentage fee to help adjust the claim with an insurance claims...
The Preventative Shutdown Endorsement (PSE) may refer to an insurance policy provision that provides coverage for business interruption losses caused by the preventative or precautionary shutdown of a business. The...
Part-Time Employment Law may refer to the various laws, regulations, and policies that govern the rights and responsibilities of employers and employees who are employed in a part-time capacity. Generally,...
Policy Limit may refer to the maximum amount of coverage provided under an insurance policy. This amount is typically determined by the insurance company at the time of issuance and...
A Pitch Deck is a presentation typically used by entrepreneurs to present their business idea to potential investors. It may refer to an organized collection of slides that present a...
Professional Negligence Law may refer to a field of law that deals with the legal consequences of professional negligence or malpractice. It is a specialized area of tort law that...
Punitive Damages may refer to a financial award given to a plaintiff in a civil case as a form of punishment to the defendant. Punitive damages are awarded in addition...
"Prior bad acts," within the realm of Directors and Officers (D&O) insurance, pertains to wrongful actions or omissions that occurred before the inception of a D&O insurance policy. The definition...
Prior Acts may refer to a concept in insurance law, specifically a type of insurance called Directors and Officers (D&O) liability insurance. D&O insurance protects directors and officers of organizations...
Per Claim Limit is a key term used in Directors and Officers (D&O) insurance policies. It may refer to the maximum amount the insurer will pay for any one claim...
Prior Knowledge may refer to the knowledge an individual or entity had of a potential event or loss before the event occurred. In the context of Directors and Officers (D&O)...
Protection and Indemnity Insurance, often referred to as P&I Insurance, is a specialized form of marine liability insurance that provides coverage for a wide range of risks faced by shipowners,...
Permanent partial disability, in the realm of commercial insurance, refers to a long-term impairment or loss of bodily function that affects an individual's ability to perform certain tasks or activities....
The definition of Probable Maximum Loss (PML) refers to the estimated maximum loss that an insured property or asset is likely to incur in the event of a worst-case scenario....