Glossary

Per stirpes is Latin for "by branches." Provides for distribution of property by stipulating that in the event one beneficiary predeceases the insured, their heirs shall have their full share to distribute among themselves.

Phishing refers to a message, usually delivered via email (and less frequently via telephone), that falsely claims to be from a lawful business or otherwise legitimate entity or person. The message attempts to entice the recipient into providing personal information such as Social Security, credit card, and bank account numbers. This information, if obtained, is later used to commit identity theft. In addition to phishing that targets personal information, many phishing attacks are aimed at obtaining sensitive business information, like corporate bank account numbers. "Fraudulent instruction" (e.g., a message claiming to be from a company's CEO and instructing a mid-level employee to wire transfer a sum of money to a certain account) can also be considered a form of phishing.

Physical-mental injuries are psychiatric disorders that are secondary to physical injuries.

Physical hazard is the material, structural, or operational features of a business that may create or increase the opportunity for injury or damage.

Physical impairment, in the context of the Americans with Disabilities Act (ADA) of 1990, is any physiological disorder, condition, cosmetic disfigurement, or anatomical loss affecting one or more of the following body systems that substantially limits one or more major life functions. Those body systems are neurological, musculoskeletal, special sense organs, respiratory (including speech organs), cardiovascular, reproductive, digestive, genitourinary, hematic and lymphatic, skin, and endocrine.

Physical rehabilitation is one aspect of the overall rehabilitation process that concentrates on restoring the injured person's physical dexterity, coordination, strength, and motor skills. This work is normally accomplished using a physical therapist.

A pilot warranty is a restrictive feature of most aircraft policies. Many policies contain a named pilot warranty, which is a clause listing the names of the pilots who are authorized to fly the plane. No one else is permitted to operate the aircraft. Some policies contain an open pilot warranty. This clause describes the qualifications a pilot must possess to be authorized to fly the plane. Usually, the owner's qualifications (including the license type, ratings held, and flying hours accumulated) are the minimum required. Any pilot whose qualifications equal or exceed those described in the policy is permitted to fly the plane. Obviously, an open pilot warranty is preferable to a named pilot warranty.

A placement service agreement (PSA) is an agreement between an insurance intermediary and an insurer that includes a type of contingent commission program based predominately on the volume of business placed, with little or no relation to the profitability of that business. A PSA is also called a market service agreement (MSA). This type of payment is considered to present a greater conflict of interest for the insurance intermediary in representing the interests of the policyholder and was the type of agreement that the New York attorney general focused on during his attack on contingent commission practices in 2003–2005. This approach is viewed quite unfavorably by the risk management and insurance community and is rarely if ever used today, at least by the largest firms.

Placement slips are a general understanding of the terms and conditions of a reinsurance transaction—not a binding contract. Terms and conditions should be confirmed in a reinsurance confirmation or cover note.

A plaintiff in a civil litigation action is the party bringing suit and seeking damages from the defendant.