Glossary
A provider is a healthcare professional or other entity that provides healthcare services, such as a physician, hospital, skilled nursing facility, or intensive care facility. Medicare lists the following types of healthcare providers: hospitals, skilled nursing facilities, home health agencies, clinics, rehabilitation agencies, public health agencies, comprehensive outpatient rehabilitation facilities, hospices, critical access hospitals, and community mental health centers.
Read MoreProvisional notice of cancellation (PNOC) is given to allow the option of withdrawing from the reinsurance treaty if renewal terms are unacceptable. It is issued with continuous contracts.
Read MoreProximate cause is the cause having the most significant impact in bringing about the loss under a first-party property insurance policy, when two or more independent perils operate at the same time (i.e., concurrently) to produce a loss. Courts employ a set of proximate cause rules to resolve causation disputes when a property policy states that it covers or excludes losses "caused by" a peril and there is more than one peril at work in a fact pattern. Under common law, whether the policy provides coverage depends on which peril is chosen as the proximate cause. If the peril selected as the proximate cause is covered, courts consider the loss to have been caused by the covered peril and will hold that the loss is covered. If the peril selected as the proximate cause is uncovered or excluded, courts consider the loss to have been caused by the uncovered or excluded peril and will hold that the loss is not covered. As a principle of tort law, proximate cause refers to a doctrine by which a plaintiff must prove that the defendant's actions set in motion a relatively short chain of events that could have reasonably been anticipated to lead to the plaintiff's damages. If the defendant's actions were "proximate" or close enough in the chain of causation to have foreseeably led to the plaintiff's damages, courts will impose liability. Otherwise, if the defendant's actions set in motion a long, bizarre chain of events that could not have reasonably been foreseen to lead to the plaintiff's damages, courts will not impose liability. In tort law, multiple actions by one or more defendants that are a substantial factor in producing the loss can qualify as proximate causes.
Read MorePro forma financial statements are a set of financial statements (usually an income statement, balance sheet, and statement of cash flow) designed to exhibit future financial results. They are created using known (or sometimes assumed) input data (usually expenses), along with an estimated amount of revenue, to project an estimated amount of earnings. These statements are commonly used for new risk funding programs such as captives and risk retention groups (RRPs).
Read MorePro hac vice is a Latin term that means "for this time only." For example, a lawyer from New York who is not licensed to practice in Texas may, for a Texas trial, be admitted pro hoc vice to work on the particular case. It refers to an attorney who is not admitted to a particular jurisdiction but is allowed to participate in a particular case. The specific rules of pro hac vice admission might vary from one jurisdiction to another.
Read MorePro 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.
Read MoreA 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.
Read MorePro 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.
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