Glossary

A pool is a group of insurers or reinsurers through which particular types of risks (often of a substandard nature) are underwritten, with premiums, losses, and expenses shared in agreed ratios.

Portable benefits are employee benefits that can transfer from a former employer to a new employer or from a former employer to an individual who is leaving the workforce.

Portfolio is the book of business of an insurer or reinsurer, including all policies in force and open reserves.

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.