Insurance and Risk Management Terms - P

P

package policy

paid-in capital

paid losses

paid loss retrospective rating plan

paid up

paid-up additions

pain and suffering

pair or set clause

PAP

par

paralegal

parallel proceedings

parameter risk

parcel post coverage

parent company

pari passu rule

parol evidence

Part A permit, Part B permit

partial disability

partial loss

partial retention

participant

participating (par)

participating policy

participating reinsurance

particular average

partner

partner controlled insurance program (PCIP)

partner-track

party

party-in-interest transactions

passive foreign investment company (PFIC)

passive loss

passive retention

pass-through entity

patent infringement

patient dumping

Patient's Bill of Rights Legislation

Patient's Compensation Funds

Paul v. Virginia

payment account

payment bond

payor benefit

payout profile

payroll

payroll audit

payroll deduction

payroll limitation

peer review

penal sum

penalty

pension

Pension Benefit Guaranty Corporation (PBGC)

Pension Protection Act of 2006

per capita

percentage participation

per diem business interruption coverage

perfect hedge

performance bond

performance ratio

peril

peril of the sea

per-loss deductible

permanent and stationary

permanent life insurance

permanent partial disability

permanent total disability

per occurrence limitation of liability provision

per risk excess reinsurance

personal and advertising injury

personal articles floater

personal auto policy (PAP)

personal effects floater

Personal Information Protection and Electronic Documents Act (PIPEDA)

personal injury

personal injury protection (PIP)/no-fault

personal liability coverage

personal lines

personal profit exclusion

personal property

personal risk management (PRM)

personal umbrella policy

personnel risk

per stirpes

phishing

physical hazard

physical impairment

physical-mental injuries

physical rehabilitation

P&I insurance

PIP

placement service agreement (PSA)

placement slips

plain language laws

plaintiff

planned retention

planning

plate glass insurance

pleadings

PML

point-of-entry treatment device

point-of-use treatment device

police professional liability insurance

policy

policy anniversary

policy conditions

policy date

policy definitions

policy dividend

policy expense allowance

policy fee

policyholder

policyholder dividends

policyholder surplus

policy loan

policy owner

policy period

policy registers

policy reserve

policy territory

policy writing agent

policy year

policy year experience

political risk insurance

pollutant

pollutant standard index (PSI)

pollution

pollution exclusion

pool

portfolio

portfolio reinsurance

portfolio return

portfolio runoff

portfolio transfer

Port Risk

post-emergency recovery

postmortem dividend

potentially responsible party (PRP)

power of attorney

practice insurance policy

practice policy

preauthorized check plan

precedent

pre-claim advice credit

predecessor firm coverage

preexisting condition

preferred provider organization (PPO)

preferred risk

Pregnancy Discrimination Act of 1978 (PDA)

prejudgment interest

premises

premises burglary coverage

premises-operations

premises theft and outside robbery coverage form H

premium

premium, advance

premium audit

premium basis

premium capacity

premium deposit

premium discount

premium loan

premium notice

premium payment plan

premium prepayment

premium, pure

premium reserve

premiums earned

premium tax

prepaid legal plans

preponderance of evidence

present value

preservation of property

pre-set allocation provision

presumption

presumptive indemnification provision

PRIMA

primary and non-contributory

primary beneficiary

primary cover

primary insurer

primary liability

principal

principal sum

principle of indemnification

prior acts coverage

prior and pending litigation exclusion

priority of payments provision

prior work exclusion

private carrier

private company directors officers (D&O) liability insurance

private equity firm

Private Letter Ruling

privately held corporation

private placement

Private Securities Litigation Reform Act of 1995

privileged communication

privity of contract

probability

probability analysis

probability of ruin

probable maximum loss (PML)

probationary period

proceeds

process

process risk

process wastewater

producer

producer-owned reinsurance captive (PORC)

product

product disparagement

production of documents

product liability

product liability exclusion

product liability insurance

product recall

products-completed operations

products guarantee legal liability

products tampering insurance

professional employer organization (PEO)

professional liability

professional reinsurer

profit center captives

profit commission

profit sharing plan

pro forma (projected) financial statements

program business

progressive injury or damage

prohibited risk

prohibited transaction exemption (PTE)

prohibited transactions

prohibition of voluntary payments provision

pro hoc vice

project liability insurance

project management protective liability (PMPL) insurance

promissory estoppel

promissory note

proof of loss

property damage

property insurance

property transfer liability insurance

proportional liability

proportional/pro rata reinsurance

proposal bond

pro rata

pro rata cancellation

pro rata distribution clause

pro rata reinsurance

proration

pro se

prospect

prospecting

prospective aggregates

prospective loss costs

prospective rating

protected cell captive (PCC)

protection and indemnity (P&I) insurance

protection classes

protective liability insurance

protective order

Protective Professional Indemnity Insurance

protective safeguards endorsement

provisional notice of cancellation (PNOC)

provisional premium

proximate cause

psychological rehabilitation

public adjuster

Public Company Accounting Oversight Board (PCAOB)

public easement

public employee dishonesty coverage

Public Law 15 (McCarran Act)

public liability insurance

publicly held corporation

public officials bond

public officials liability

public officials liability insurance

public or livery conveyance use

public policy exception

Public Risk Management Association (PRIMA)

publishers liability

punitive damages

purchasing group

pure captive

pure claims-made policy

pure endowment

pure loss cost

pure premium

pure risk

putting in expenses