Glossary

Per diem business interruption coverage is a form of business interruption insurance in which the insured is entitled to recover a stipulated amount for each day of fully interrupted operations.

Per occurrence limit is the maximum amount the insurer will pay for all claims resulting from a single occurrence, no matter how many people are injured, how much property is damaged, or how many different claimants may make claims.

A per occurrence limitation of liability provision is a nonstandard commercial property insurance provision that essentially converts blanket limits to specific, per location limits.

Per person limit is the maximum amount the insurer will pay for one person's injuries.

Per risk excess reinsurance is a method by which an insurer may recover losses on an individual risk in excess of a specific per risk retention.

Per stirpes is Latin for "by branches." Provides for distribution of property by stipulating that in the event one beneficiary predeceases the insured, their heirs shall have their full share to distribute among themselves.

Phishing refers to a message, usually delivered via email (and less frequently via telephone), that falsely claims to be from a lawful business or otherwise legitimate entity or person.

Physical-mental injuries are psychiatric disorders that are secondary to physical injuries.

Physical hazard is the material, structural, or operational features of a business that may create or increase the opportunity for injury or damage.

Physical impairment, in the context of the Americans with Disabilities Act (ADA) of 1990, is any physiological disorder, condition, cosmetic disfigurement, or anatomical loss affecting one or more of the following body systems that substantially limits one or more major life functions.