Glossary

Program business refers to groupings of insurance customers or applicants with common operations that often form associations or risk purchasing groups (RPGs).

A program business captive is a captive that insures or reinsures a "program"—that is, a group of homogeneous risks, none of which is individually underwritten.

A program manager is similar to a managing general agent, except its authority is limited to a specific program.

Progressive design-build is a construction project delivery method that adds defined phases to the design-build process. The design-builder is involved very early in the pre-construction and design creation phase, but establishing a final price is postponed until the design completion and construction phase.

Progressive injury or damage describes injury or damage that happens gradually and worsens over time. For example, wood rot starts slowly and gets progressively worse over time.

Prohibited risk is any class of business excluded by underwriters of an insurance company that will not be insured under any condition.

Prohibited transactions refer to two types of transactions (involving employee pension and welfare plan funds) that are prohibited under the Employee Retirement Income Security Act (ERISA).

The prohibited transaction exemption (PTE) refers to a ruling by the US Department of Labor (DOL) based on specific facts and circumstances that a transaction is allowable under Employee Retirement Income Security Act (ERISA) regulations.

A prohibition of voluntary payments provision is a clause found in some liability policies barring coverage in the event that an insured makes a payment to a third party and then seeks reimbursement from the insurer.

Project liability insurance is a form of architects and engineers (A&E) liability coverage in which coverage applies only to an insured's work on a single project rather than to the entire scope of an insured's practice.