Glossary

Pro rata means proportionately.

Pro rata cancellation refers to the cancellation of an insurance policy or bond with the return of unearned premium credit being the full proportion of premium for the unexpired term of the policy or bond, without penalty for interim cancellation.

A pro rata distribution clause is a seldom used property insurance provision that essentially converts a single blanket limit, applying over several locations, to specific limits.

Pro rate reinsurance is a transaction in which the reinsurer receives a percentage of premium and pays a proportional share of losses, above the ceding company's retention.

Pro se is a Latin term that means "for oneself" or "on behalf of oneself." Pro se refers to a plaintiff who does not (or is unable to) hire an attorney and who represents himself or herself.

Psychological rehabilitation is one aspect of the overall rehabilitation process that concentrates on restoring the injured person's mental condition to a healthy status.

A public-private partnership is an arrangement between a governmental entity and a private entity to finance a public project with private funds.

A publicly held corporation is a corporation whose shares of stock are held by and are available for purchase by members of the public.

A public adjuster is a claims adjuster who represents the interests of an insured in a property loss.

The Public Company Accounting Oversight Board (PCAOB) is a private-sector, nonprofit corporation created as part of the Sarbanes-Oxley Act (SOX).