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Info Center Glossary of Terms
Glossary of terms used on this site
There are 264 entries in this glossary.P
| Term | Definition |
|---|---|
| Package Policy |
A policy providing several different coverages combined into one policy. Refers to a policy providing both general liability insurance and property insurance |
| Payroll Limitation |
A limit on the amount of payroll for certain classifications used for the development of premium |
| Peril |
Cause of loss such as fire, windstorm, collision, etc. |
| Personal Auto Policy (PAP) |
A policy insuring private-passenger autos owned by individuals |
| Personal Injury |
A General Liability coverage for insurable offenses that cause harm, other than bodily injury, such as false arrest, detention or imprisonment, malicious prosecution, wrongful eviction, slander, libel and invasion of privacy |
| Personal Injury Protection (PIP) |
An automobile insurance coverage mandated by law in some states. The statutes typically require insurers to provide or offer to provide first-party benefits for medical expenses, loss of income, funeral expenses and similar expenses without regard to fault |
| Personal Property |
All tangible property not classified as real property such as contents |
| Policy |
The printed document given to the insured, outlining the terms and conditions of the Insurance coverage. |
| Policy Fee |
A one-time charge per policy that does not change with the size of the premium |
| Policy Holder |
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. |
| Policy Period |
The term or duration of a policy including the effective and expiration dates |
| Pollutant |
An irritant or contaminant, whether in solid, liquid, or gaseous form, including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste |
| Preferred Risk |
A positive characterisic of someone seeking to be insured. Usually means a better likely hood for long life, and usually means a lower premium. |
| Premises |
The location where coverage applies |
| Premises-Operations |
A category of hazard ordinarily insured by a general liability policy which is composed of those exposures to loss that fall outside the defined 'products-completed operations hazard,' including liability for injury or damage arising out of the insured's premises or out of the insured's business operations while such operations are in progress |
Info Center Glossary of Terms
