Terms starting with P
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....
Primary and noncontributory, in insurance terminology, is a clause typically found in liability insurance policies. It’s an agreement between two insurance policies where one policy is designated as the primary...
Physical impairment, in the realm of commercial insurance, refers to a condition that affects an individual's physical abilities, functions, or mobility. It refers to a limitation or loss of bodily...
A participating policy, in the realm of commercial insurance, refers to an insurance policy that provides policyholders with the opportunity to share in the financial success of the insurance company....
Payor benefit is a term commonly used in life insurance policies. Certain events that limit the policyholder’s ability to pay premiums — such as disability, death, and unemployment — trigger...
Pure risk insurance, also known as pure risk coverage, is a type of insurance that protects against losses from uncontrollable events. Pure risk involves situations where there is a chance...
A professional employer organization (PEO) is a specialized company that partners with businesses to manage certain aspects of human resources, employee benefits, payroll administration, and other employment-related functions. By collaborating...
A participating provider, in the context of insurance, refers to a healthcare professional or facility that has entered into an agreement with an insurance company or a managed care organization...
Products completed operations, within the realm of insurance, refers to a specific coverage term that may refer to the liability risks associated with products and completed work. It is a...
Protection classes, an essential aspect of property insurance underwriting, pertain to the evaluation and rating of a property's risk exposure based on its location and proximity to fire protection services....
Pro rata cancellation, a term commonly used in the insurance industry, refers to the termination of an insurance policy before its expiration date, where the insurer returns the unearned premium...
Covers fees and assessments that your company becomes legally obligated to pay due to claims involving your company's non compliance with PCI Data Security Standards.
Private equity may refer to investments that are not publicly traded on a stock exchange. Private equity is a form of capital that private investors or firms provide to companies...