Glossary

Portfolio reinsurance is a financial transaction in which an entire line of insurance, class of business, territory, or book of business of an insurer is reinsured.

Portfolio Return is the return of unearned reinsurance premium to the ceding company when a reinsurance treaty is terminated.

Portfolio runoff refers to a practice under which a reinsurance portfolio is allowed to continue until all ceded premium is earned or all losses are closed, or both.

Portfolio transfer refers to the cession of a book of business—for example, for an insurer withdrawing from writing a certain class of risk.

Port risk is a type of coverage afforded a vessel that is laid up for an extended time period, normally in excess of 30 days.

Post-emergency recovery involves all the actions an organization takes to restore its operations and protect its personnel and other persons after a major accident.

Post-judgment interest is interest on any judgment against the insured that accrues from the time the judgment is entered by the court to the time the actual payment is made.

Postmortem dividend refers to a policy dividend paid after the death of the insured.

A potentially responsible party (PRP) is any individual or organization—including owners, operators, transporters or generators—potentially responsible for, or contributing to, a spill or other contamination at a Superfund site.

Power of atttorney is legal document giving authority to one person or organization to act on behalf of and obligate another.