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Policies issued basis : When excess of reinsurance contracts are ended in policies issued basis, the contract will cover only these policies that have been renewed or issued at dates falling during the treaty duration

P.P.I : Policy Proof of Interest; under regular marine insurance plan the assured needs to prove insurable interest at the time of loss to sustain the claim; PPI policy eliminates this need for the insured to prove insurable interest; simply providing the policy is sufficient interest proof; certain insurable interests that when existing are tough for establishment or extent of which is tough to arrive at; increased cargo value is one example of former situation and anticipated freight is an example of the latter

Package : Related to general insurance, comprehensive insurance plan favoring an enterprise or individual or industry covering the assets, interests, liabilities, and personnel against various perils

P.A. Flight Coupons : Passenger Flight Insurance Coupon covers demise and/or permanent disability due to bodily injury resulting from violent, external, accidental, and visible means while within or entering in or descending from aircraft owned/operated by regular airline over scheduled routes in which insured is traveling as fare paying passenger; premium rate is INR 5 per INR 50000 cover for travels not extending beyond 24 hours

Package Policy : Combination of 2 or more individual cover in a single plan; householders comprehensive plan is one example combining property, liability, and personnel coverage for owners

Packing List : Statement providing details of contents within a package or container; document is needed by insurance provider in the event of claim for content shortage caused during the transportation and preferred under the relevant cargo insurance cover; packing lists assist comparing contents packed with those received at the destination

Paid Losses : Total loss amount paid by insurance company in a specific period of time

Pain and Suffering : Suffering attributable to sustained injury by an individual in an accident and any consequential surgical operation; one of the heads of damages allowed with relation to 3rd party motor insurance claim, past and future suffering, severity, pain, and duration are considered; damages are provided for physical as well as mental suffering and pain

Pair & Set Clause : Whereby value of certain items like pair of diamond earrings depend on their continuance as a pair, and value is significantly reduced when one is destroyed or damaged; insured would prefer abandoning the remaining item to underwriter and claim full loss; through the insertion of pair and set clause insurance company limits liability to the insured value of lost or damaged object

Palletizing : Assembling of one or several packages on pallet basis and properly securing it

Pallets : Special packaging method where bundles, cases, bales, etc. are placed on wooden platforms and securely tied; pallets are lifted using fork lifts or cranes and placed in vessel holds

Permanent partial disablement : Related to workers compensation laws is defined as injury impairing physical and/or mental ability of an employee to perform some portion of work duties for remaining life duration

Permanent total disablement : Implies the person's inability to work on his or her own in an occupation in which s/he is trained, experienced, or educated due to an injury or illness

Policy : Legal insurance contract provided by the insurer to the insured listing all the conditions and terms of the policy coverage

Policy Excess/deductibles : Amount required to be contributed towards the expenses before the policy cover commences; application and amount depends on the policy

Policy Period : Time period during which the insurance company provides coverage to insured under the insurance contract

Premium : Payment for an insurance plan that is usually paid at periodic intervals like monthly, quarterly, semi-annual, or annually

Premium Notice  : Written reminder sent by the insurance company showing the amount of premium due and the date of payment to enjoy continued cover under the insurance policy

Proposal : Form used for availing the insurance policy from the insurer

Provisions : Stipulations that outline the terms and conditions under which the insurance coverage is available for the assured

Proximate Cause : Immediate and effective cause for damage or loss; an unbroken chain of cause and effect between the occurrence of the insured peril or negligent act resulting in damage or injury

Paid-up Insurance : Insurance where all premiums have been paid; often used for meaning the decreased paid-up insurance available as non-forfeiture option

Paramedical Examination : Physical examination of the applicant by trained professional other than physicians

Partial Disability : Result of injury or illness that prevents the assured from doing one or more of his or her functions in regular employment

Participating Insurance : Insurance cover issued by an insurer offering participation in dividend distribution

Participating Policy : Life insurance plan where the insurer agrees for distribution to the policyholders portion of the surplus that the Board determines is not required at the end of the financial year; such distribution reduces premium paid by the policyholder

Pension Benefit Guaranty Corporation (PBGC) : Federal body having the responsibility of administering the plan termination insurance program under the ERISA

Pension Benefits : Series of payments that are provided as per the benefits within the plan

Pension Plan : Insurance policy established and maintained by employers, group of employers, an union, or any combination thereof primarily with the objective of offering payment of definite benefits for participants after their retirements

Percentage Participation : Provision within the health insurance plan stating the insurance company and the assured will share covered losses in pre determined proportions

Peril : Cause of probable loss like fire, explosion, windstorm, riot, or theft against which insurance protection is offered

Permanent Life Insurance : Phrase used for covering any kind of life insurance except term plans; often insurance that accumulates value like endowment or whole life plans

Persistency : Term used for referring to the time period where the insurance cover continues to remain in force through continued payment of renewal premiums

Personal Articles Floater : Form of cover designed for meeting the requirements of insurance on moveable property; cover usually protects against physical loss subject to certain special exclusions and terms

Personal Injury Protection (PIP) : First-party no-fault cover whereby the insurance company pays within specific time periods the loss of wages, hospital, medical, and funeral costs of the assured

Personal Lines : Kinds of insurance covers like home or auto insurance for families or individuals instead of organizations or businesses

Personal representative : Individual appointed through the will of the demised or by court for settling the estate of the person who passes away

Physical Damage : Loss or damage to automobiles as a result of collision, theft, fire, or other perils

Physician's Expense Insurance : Cover providing benefits towards the cost of services like physician fees for non-surgical care in the hospital, home, or doctor's office, lab tests and x-rays required and performed outside the hospital

Plan Administrator : Person/s who control money and/or property contributed to the plan, often designated in the insurance contract

Point-of-Service Plans : Open ended HMOs or PPOs plans allowing the assured to choose among providers outside the plan but are designed for encouraging using network providers

Policy Dividend : Refund of portion of premium in a participating life insurance plan reflecting the difference between charged premium and actual experience

Policy Loan : Loan made by insurance providers from general funds to policyholder on the basis of the cash value of the insurance policy

Policy Reserves : Measure of funds that life insurance service provider holds specifically for the fulfillment of its obligations; reserves are needed by law to be calculated along with future payments of premiums and estimated interest earnings enabling the insurer to pay future claims

Policyholder : Person owning the insurance policy through payment of regular premium; is often the assured but in some cases can be family member, company, or partnership

Policyholders' Surplus : Balance amount after deduction of all liabilities from the assets; amounts like paid-in capital and special voluntary reserves are included; surplus is an additional protection to policyholders in case the insurance company suffers catastrophic or unexpected losses; financial base on which company is able to sell insurance policies

Pollution Liability : Exposure to legal suits for cleanup or injury costs resulting from damages due to pollution

Pool : Organization of insurance and/or reinsurance companies through which specific kinds of risks are underwritten and premiums, expenses, and losses are shared in agreed amounts

Partial Loss : Loss under insurance plan that does not completely destroy or render worthless insured property, or exhaust the applicable insurance thereto

Particular Average : Accidental partial loss of the insured subject matter proximately resulting due to any insured risk; in freight at risk plan term is used for referring to claims for freight loss following particular average loss of goods

Payroll Audit : Examination of insured's payroll records by any representative of the insurance provider for determining the premium payable on the insurance policy

Personal Effects Floater : Inland marine policy covering worldwide except in the assured's home country and the personal effects often carried by the tourists

Personal Injury : Any injury except bodily injury resulting from false arrest or malicious prosecution, detention, wrongful eviction or entry, slander or libel, or violation of an individual's privacy right committed in course other than advertising, broadcasting, publishing, or telecasting

Personal Injury Coverage : Liability insurance cover for 3rd party claim/s for damage/s that are not physical, such as false arrest, slander, libel, etc.

Personal Injury Protection : No-fault benefits in states that have enacted mandatory or optional no-fault automobile insurance covers; PIP often including benefits towards loss of income, accidental death, medical costs, essential services, and funeral expenses

Pre-Certification Authorization : Cost containment method that requires physicians to submit treatment plan and estimated bill before providing the treatment; allows the insurance company to evaluate the appropriateness of the procedure/s and allows the assured and physician to know beforehand the procedures that are covered and the rates at which benefits will be paid

Pre-Existing Conditions : Physical condition/s of an assured individual that existed prior to the issuance of the insurance policy

Premises : Particular location of the property or portion thereof as designated in the insurance plan

Prior Damage : Pre-existing damage occurring before the happening of the loss in question

Pro-Rata : Cancellation of insurance contract by the insurer allowing the policyholder share in the premium related to the remaining duration within the contract bearing to the total premium on the contract

Products Liability Insurance : Offering protection against claim/s resulting from the usage, handling, or consumption of the product/s

Professional Liability Insurance : Liability insurance for indemnification of professionals, lawyers, doctors, architects, etc.; towards the loss or expenses arising from claim/s on account of bodily injury due to malpractice, mistake or error committed or alleged to be committed by the assured in his or her profession

Proof Of Loss : Statement made by the insurance service provider under oath listing the basis of the insured's claim under the insurance plan

Property Damage (Liability) Insurance : Protection against liability for damage/s to the property of another not in the custody, control, or care of the assured as different from the liability of bodily injury

Property Insurance : Insurance demnifying an individual with an interest in the physical property for any loss or loss of income-producing capability of the property

Proscription : Beyond the time period during which legal action may be commenced


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