Glossary

A partner is a member of a partnership or firm; one who has united with others to form a partnership in business and who participates fully in the profits, losses, and management of the partnership and is personally liable for its debts.

A partner controlled insurance program (PCIP) is a variation on the owner controlled insurance program (OCIP) or contractor controlled insurance program (CCIP), all of which provide a master insurance, safety, and claim management program for enrolled contractors performing work on a construction project.

Partner track is a term used in law firms to describe and evaluate an associate's potential for partnership.

Party-in-interest transactions are otherwise legitimate transactions that are prohibited under the Employee Retirement Income Security Act (ERISA).

A party is any person or entity named as a plaintiff, defendant, cross-complainant, or cross-defendant in a lawsuit.

Party walls are walls that separate two adjoining buildings owned by different parties but are common to those buildings.

A pass-through entity is a corporation that is disregarded for purposes of calculating taxable income.

A passive foreign investment company (PFIC) is an offshore company whose income is more than 50 percent passive investment income or 75 percent of whose assets produce such passive investment income.

An economic loss not associated with any physical damage or injury is commonly referred to as a passive loss.

Pastoral professional liability insurance is a type of professional liability insurance that covers both individual pastors and religious leaders and the religious organization