Glossary

Publishers liability refers to liability of a book, periodical, or other type of publisher arising from acts such as plagiarism, libel, or copyright infringement.

Punitive damages are damages in excess of those required to compensate the plaintiff for the wrong done, which are imposed to punish the defendant because of the particularly wanton or willful nature of their wrongdoing.

Authorized by the Liability Risk Retention Act of 1986, a purchasing group is a group formed to obtain liability coverage for its members, all of which must have similar or related exposures.

A pure captive refers to a captive insurance company with one corporate owner, insuring only the risks of the parent organization or its subsidiaries.

A pure claims-made policy is a type of claims-made policy requiring that a claim be made against the insured during the policy period for coverage to apply.

Pure endowment refers to an endowment payable at the end of the policy period if the insured is alive.

Under a reinsurance agreement, the pure loss cost is the ratio of reinsured losses to the ceding company's earned, subject premium for that agreement, less expense loading.

The pure mortality cost is a factor considered in developing life insurance premiums.

Pure risk is the risk involved in situations that present the opportunity for loss but no opportunity for gain.

A purpose-not-designated exclusion is an aircraft policy exclusion that is triggered when the aircraft is used for a purpose not designated in the policy.