Glossary

Partial disability insurance refers to a disability income policy provision that provides partial benefit payments (usually 50 percent of the total disability limit) for a limited time period (usually 6 months) when the insured is partially disabled.

Partial loss is a property insurance term referring to a loss that does not completely destroy or render useless the insured property or does not completely exhaust the applicable insurance limit.

Partial retention refers to an organization's retention of a portion of the risk and transfer of the remaining portion.

A participant is an insured that utilizes a captive insurance company through a participant contract specifying the terms of participation rather than through a shareholder or member contract.

Participating means an insurance policy that pays dividends.

A participating policy allows the insured to receive policyholder dividends, not taxable distributions—that is, return of profits not treated as income by the Internal Revenue Service (IRS) but instead as return of premium.

A participating provider is a healthcare provider that has agreed to contract with an insurer or managed care plan to provide eligible services to individuals covered by its plan.

A participating provider network is a group of healthcare providers within a specific geographic area that have agreed to provide their services to members of a specific health insurance company or plan.

Participating reinsurance is a generic form of reinsurance under which the reinsurer and primary insurer share losses in the same proportion as they share premiums and policy limits.

Particular average is a term used in ocean marine insurance meaning a partial loss sustained by a specified cargo or vessel.