Glossary

Panel counsel is an attorney or law firm chosen by an insurance company to represent its policyholders in defending liability claims.

A paralegal is someone who is trained and certified to perform any function of assistance to a lawyer.

Parallel proceedings refer to legal proceedings against corporate directors and officers that are separate from, but related to and therefore parallel to, securities class action lawsuits.

A parameter risk is a description of the uncertainty in estimating the exact nature of the loss process in which statistical models are used to describe the randomness of the loss process.

Parametric insurance is an agreement under which an entity assuming risk (the "insurer") agrees to pay the indemnitee (the "insured") an agreed amount upon the occurrence of a specified event, such as an earthquake or hurricane of specified intensity.

Parcel post coverage is inland marine coverage on packages shipped by registered or unregistered mail or parcel post against all risks of transportation, from the time property is placed in custody of the US Postal Service.

A parent company is the "flagship" or senior company when property-casualty (P&C) insurers constitute a group of companies.

The pari passu rule is a general principle of English insolvency law that all unsecured creditors must be treated equally.

Parol evidence refers to facts outside a contractual agreement that may be used to interpret the agreement.

Partial disability is a disability that is not total.