Glossary

A pure captive refers to a captive insurance company with one corporate owner, insuring only the risks of the parent organization or its subsidiaries.

A pure claims-made policy is a type of claims-made policy requiring that a claim be made against the insured during the policy period for coverage to apply.

Pure endowment refers to an endowment payable at the end of the policy period if the insured is alive.

Under a reinsurance agreement, the pure loss cost is the ratio of reinsured losses to the ceding company's earned, subject premium for that agreement, less expense loading.

The pure mortality cost is a factor considered in developing life insurance premiums.

Pure risk is the risk involved in situations that present the opportunity for loss but no opportunity for gain.

A purpose-not-designated exclusion is an aircraft policy exclusion that is triggered when the aircraft is used for a purpose not designated in the policy.

A putative class action is a lawsuit brought by one or more named plaintiffs on behalf of a potential group of similarly situated individuals (known as a class) who allegedly suffered a common claim.

Putting in expenses is a coverage extension found in a protection and indemnity policy that pays for port charges incurred as well as the net loss to the policyholder when the vessel must deviate from its specified route to put ashore a sick or injured passenger or crew member.