Glossary

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.

Physical rehabilitatoin is one aspect of the overall rehabilitation process that concentrates on restoring the injured person's physical dexterity, coordination, strength, and motor skills.

A pilot warranty is a restrictive feature of most aircraft policies.

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).

Placement slips are a general understanding of the terms and conditions of a reinsurance transaction—not a binding contract.

In a civil action, the party bringing suit and seeking damages from the defendant.

Plain language laws are state legislation or regulations that require insurance policies to be written in everyday language.

Planned retention is a risk financing term referring to retention of losses by an organization as a result of a conscious decision.

Planning is the process of defining goals for the organization's future performance and determining the tasks and resources to be used to attain those goals.